INTC support zone 110 hit

Support zone: close above is a hit. Close on the level is a push. Graded on the regular-session close.

A support zone is a price below the market where a large amount of options positioning sits. The idea is that this positioning can slow a move down there, so the test is simple: does the stock close above it? When it was posted at 08:37 ET, INTC traded at 114.98, 4.5% above the support zone. On the same map, the next level above was 126. See the original post.

Price traded through the support zone during the session (first 5-minute close on the wrong side at 4 PM ET), with a low of 104.70 and a high of 117.66. In the last hour price moved down 11.61, from 116.31 to 104.70.

The regular-session close was 116.28, 6.28 (5.71%) above the support zone at 110. Under the rule (support zone: close above is a hit), that is a hit.

Intel fell after Elon Musk said TSMC could take part in his Texas Terafab chip project, raising questions about Intel's foundry role; reports put the two-day decline across Monday and Tuesday above 5%. INTC finished the day down 2.6%, while SPY was up 0.7%.

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