Has now approached its 200MA on the daily chart

Taking a look at Intel as its share price is now down almost 21% from its peak in 2024. Currently, its shares are trading at around $39.86 in the pre-market session. Looking at the daily chart, we can see that the share price has now approached a key support level, its own 200-day moving average. The 200MA support reads $39.74, which was tested yesterday but the price is managing to uphold itself above for the time being. A break and close below the moving average would indicate that selling pressure is increasing, leading to a potential fall of another 19%. Or respectively, $32-$33 a share. However, with this being a clear psychological support point, we may see a small bounce here before any further direction is determined. The resistance now reads $40.77, which is yesterday's high. A break and close above this level may lead to an extension towards $41-$42. Although, the bias for the near term has now shifted towards a bearish outlook. The technical indicators certainly suggest that further downside may be likely. The MACD has now turned negative and the RSI is already negative as it reads 36.