Intel (INTC) shares soared in extended trading Wednesday after the company named former board member and chip industry veteran Lip-Bu Tan as its new 🔜CEO.

Tan, who is the former CEO of chip software company Cadence Design Systems (CDNS), will succeed interim Co-CEOs David Zinsner and Michelle Johnston Holthaus, whoꦡ have shared the position since Pat ꦦGelsinger retired in December. Tan will assume the roll next Tuesday.

The development follows a report earlier Wednesday that Taiwan Semiconductor Manufacturing Company (TSM) has approached Nvidia (NVDA), Advanced Micro Devices (AMD) and Broadcom (AVGO) about forming a 澳洲幸运5开奖号码历史查询:joint venture to own and run Intel's foundry division — a unit that manufactures chip🔯s for third party customers.

Intel shares have lost more than half their value over the past 12 months, weighed down by the company’s inability to capture a greater share of the lucrative AI chip market and months of restructuring and 澳洲幸运5开奖号码历史查询:deal rumors. The stock jumped 10% to $22.84 in the after-hours session Wednesday following news of the CE🦹O appointment.

Below, we break down the澳洲幸运5开奖号码历史查询: technicals on Intel’s chart and identify crucial price levels tha🐽t investors may be watching.

Potential Rangebound Bottom

Since gapping sharply lower in early August last year, Intel shares have remained mostly 澳洲幸运5开奖号码历史查询:rangebound, potentially carving out a market bottom. 

More recently, the stock staged a short-lived rally to the closely followed 澳洲幸运5开奖号码历史查询:200-day moving average (MA) before retra🍸cing towards its trading floor of the past seven months.

However, the shares moved higher in Wednesday’s regular trading seꦇssion and look set for further 𒁃gains on Thursday.

Let’s locate three crucial overhead areas to watch on Intel’s chart amid the potential for a new trend higher and also identify a major 澳洲幸运5开奖号码历史查询:support level wort𒅌h monitoring if the stock retraces to multi-month lows.👍

Crucial Overhead Areas to Watch

The first overhead area to watch sits around $22. While the stock is currently projected to open above this price on Thursday, it’s worth looking if bulls can hold this level into tomorrow’s close, given its proximity to a 澳洲幸运5开奖号码历史查询:horizontal line that links a range of comparable tradiꦇng action on 🧸the chart from August last year to March this year.

A successful close above this level could see the shares rally to the $26 area. Investors who have bought recent lows may look to 澳洲幸运5开奖号码历史查询:lock in profits near the prominent November and March peaks.

Buying above this region could propel a move to around $30. This area would likely provide resistance near the 澳洲幸运5开奖号码历史查询:psychological round number and the low of a prior 澳洲幸运5开奖号码历史查询:trading range on the chart that preceded 𒉰the early-💜August gap lower.

Major Support Level Worth Monitoring

Further selling in Intel shares could see the price revisit multi-month lows around $19. Bargain hunters may seek to scoop up shares in this location near a 澳洲幸运5开奖号码历史查询:trendline that connects multiple troughs in th෴e stock between August and February.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5开奖号码历史查询:warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.