Intel rallied from $23.50 (U.S.) to $37.90 in 2014 (A-B) and then settled into a bullish technical pattern called a "W" formation (dashed lines). The recent rise above the neckline of the pattern at ±$36 (dotted line) signalled a breakout and the start of a new major up-leg (C).
Behaviour indicators including the 40-week Moving Average (40wMA) confirm the bullish status. Current price levels should provide a good entry level; only a sustained decline below ±$33 would be negative.
Point & Figure measurements provide targets of $39 and $43. The large "W" pattern supports higher targets.
Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com