Can Intel Stock Price Grow Another 10% in February?

Intel (ITC) stock price gained nearly 15% this week after the tech giant reported better-than-expected fourth-quarter earnings on all fronts. As a result, shares of Intel printed a fresh 20-year high. 

Fundamental analysis: Intel’s Client Computing Group impresses

Intel reported earnings of $1.52 per share compared to $1.25 per share, while revenue also eclipsed analysts’ estimates of $19.23 billion, as it came in at $20.21 billion.

The company’s largest operating segment, the Client Computing Group, posted $10.01 billion in revenue, exceeding the $9.74 billion market consensus.

Moreover, CEO Swan also said the company expected a growth of 18% next year, which again, beat market expectations. 

Technical analysis: Highest levels since 2000

Intel stock price soared more than 8% on better-than-expected earnings to hit $69.29, which is around 15% better than $59.81 where the stock opened the week. The bulls are now approaching the key short-term resistance at $70.09. The absolute target for the bulls is $75.81, which is the all-time high for the Intel stock, set in August 2000.

On the downside, the broken ascending trend line that connected the previous swing hihgs (the red line) should offer a strong supporting base at $61 for the Intel stock. This area is also a great buying opportunity for investors who wish to buy the Intel stock. 

Summary

Intel stock price hit a 20-year high on the back of a great Q4 and 2019 results on all fronts. The stock price is now approaching the first target around the $70 mark, while the record high of $75.81, set in 2000, is the key target for 2020.