Intel (INTC) shares will likely remain in the spotlight on Monday after Bloomberg reported on Sunday that asset manager Apollo Global Management has offered to invest as much as $5 billion in the struggling chipmaker.

The weekend news came after The Wall Street Journal reported on Friday afternoon that Qualcomm (QCOM) has approached intel about 澳洲幸运5官方开奖结果体彩网:a potential acquisition.

Intel Chief Executive Officer Pat Gelsinger recently outlined a comprehensi🌠ve p♓lan to turn around the troubled chipmaker and revive its slumping stock price.

Since the start of the year, Intel shares have lost more than half their value but recovered around 11% last w🎃eek as investors cheered recent developments. The stock gained 3.3% on Friday to close at $21.84

Below, we’ll take a closer at the 澳洲幸运5官方开奖结果体彩网:technicals on Intel's chart and identify imp🍌ortant overhead price levels to♛ watch out for as the stock makes a recovery attempt.

Potential Double Bottom

Since gapping sharply lower in early August, Intel shares appear to be carving out a 澳洲幸运5官方开奖结果体彩网:double bottom, a cl𝓡assic chart pattern that signals a potential 🐻trend reversal.

It’s also worth pointing out that as the formation’s second trough made a lower low, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) made꧙ a relatively shallower low, indicating waning selling momentum.

More recently, Friday’s rally occurred on the highest 澳洲幸运5官方开奖结果体彩网:trading volume since Aug. 2 gap, suggesting healꦬthy buying conviction behꦚind the move.

Key Overhead Price Levels to Watch

Amid further bullish price momentum, investor✤s should monitor several important overhead levels on Intel’s chart.

The first sits around $22, an area just above Friday’s close where the shares will likely encounter 澳洲幸运5官方开奖结果体彩网:resistance near the possible double bottom pattern’s neckline.

A volume-backed breakout above this key technical level could act as a catalyst for buying up to the $25 region, where the shares could run into overhead resistance from a trendline connecting two prominent 澳洲幸运5官方开奖结果体彩网:swing lows in October 2022 and late February last year.

Further upside could see the stock rally into the key $30 area, a level on the chart where investors who bought the August and September lows may look to 澳洲幸运5官方开奖结果体彩网:lock in profits near a multi-month trendline linking multiple 澳洲幸运5官方开奖结果体彩网:peaks and troughs from ♍November 2022 to late June this year. 

Finally, a longer-term trend higher may lead to a retest of resistance near $35, where the shares could encounter selling pressure near a 澳洲幸运5官方开奖结果体彩网:horizontal line joining a series of comparable trading levels between June 2023 and July this year. This area on the chart could also find resistance from the downward sloping 澳洲幸运5官方开奖结果体彩网:200-day moving average and the 50% 澳洲幸运5官方开奖结果体彩网:Fibonacci retracement level using a grid measured from the De🎶cember high to the September low.

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