Intel breaches current support - Analysis - 16-07-2021

Intel's stock (INTC) fell 0.91%b in the last session, breaching the support of 56.00, which represents the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 43.59 to 68.37), with negative pressure from the 50-day SMA, coupled with negative signals from the RSI after reaching overbought levels. 

Therefore we expect more losses for the stock, targeting the next support at 53.11, representing the ratio 61.8% of the same retracement levels. 

Expected trend for today: Bearish