Intel stock plunges after earnings: Can oversold RSI drive a rebound toward $70?
Intel remains under heavy pressure after its post-earnings drop, but deeply oversold conditions are starting to attract attention. The next test is whether the stock can stabilise above $55 and attempt a rebound toward $68.50–70.
61.93
95.68
Intel’s quarterly report, released on October 29, triggered a major selloff in the stock. Despite strong third-quarter results, the company’s weak outlook for the following reporting period became the main source of disappointment for investors.
The November 3 U.S. midterm elections add another source of volatility. According to a CNBC report published on November 2, a Democratic victory could bring greater scrutiny of large corporations and tighter regulation of artificial intelligence, creating additional uncertainty for the technology sector.
Intel stock eyes a potential rebound as RSI reaches extreme lows
Intel stock fully completed the scenario outlined previously, reaching the $64.50 target before falling as low as $59.40.
The nearest support is $55. For a rebound to develop, the stock needs to stabilize within the $55–60 range.
RSI (14) is now in extremely oversold territory. If today’s session produces a doji candle on elevated trading volume, it would provide another signal that a short-term rebound may be forming.
In that case, the target would be the $68.50–70 resistance zone. A move toward $79 would likely require more time or a strong fundamental catalyst.
A break and sustained move below $55 would invalidate this scenario. That could extend the correction toward $50.
A 58% decline from record highs highlights selling pressure
Intel has been one of the first major chipmakers to come under intense selling pressure. The stock has lost more than 58% from its all-time high, while the decline from its October peak to the November 2 low reached roughly 53%.
The scale of the correction reflects the sharp deterioration in market sentiment following the company’s earnings report. The U.S. election results could add another source of short-term volatility, making any recovery attempt more difficult.
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