INTC (Intel Corp) has broken down below the uptrend line off the Aug 2015 lows, opening the door for a move down to at least the 33.50 support level, should the stock fail to regain & close back above that trendline soon. Still awaiting an impulsive break & close below this bearish rising wedge pattern on SMH (semiconductor ETF), which appears to be imminent.

Should INTC print a solid close below the trendline, especially if confirmed via additional downside in the coming days, along with a breakdown in SMH & the other semiconductors ETFs that I follow (XSD & SOXX), that would provide an objective short entry on INTC & the semiconductor sector. However, until & unless the semi ETFs break down below their respective trendlines/wedges, best to hold off on shorting INTC as the stock may want to make a backtest of the uptrend line, assuming today’s breakdown doesn’t prove to be a whipsaw signal.