Intel Corp. (INTC Stock) announced worse-than-expected quarterly earnings

Today’s instrument is the Intel Corp.’s stock traded in Nasdaq exchange under the ticker INTC.

Looking at the INTC‘s chart, we see that it was lastly traded at around $30.

Last night it announced much worse than expected quarterly earnings with a forecast of lower sales due to the decreased demand on chips for PCs.

Today we should expect a sharp drop of the price, falling below its first support level which is located at around $28, with a possibility to approach its next support level at around $26.

Today, if it fails to continue that upward trend, then we could expect it to drop towards its support level at around $37, otherwise it should rise towards its resistance level at around $41.50.