Why Is Intel Stock Gaining Friday?

Intel Corp. (NASDAQ:INTC) stock rose more than 1% in Friday premarket trading. Nasdaq futures gained 0.35%, while S&P 500 futures slipped 0.12%.

Sentiment was also supported by reports earlier this week that SK hynix Inc. (NASDAQ:SKHY) is in talks with Intel to produce memory chips in the U.S. for the first time.

Technical Analysis

Intel is trading above its 20-day SMA of $95.04 and 200-day SMA of $76.81. The stock is also 2.9% above its 100-day SMA of $106.56.

However, the 20-day SMA remains below the 50-day SMA of $97.17. That signals some lingering short-term weakness.

The longer-term picture is more constructive. The 50-day SMA remains above the 200-day SMA.

Momentum is also improving. The MACD is above its signal line, while the histogram remains positive. That suggests buying pressure is strengthening.

Key resistance sits near $126.50. A breakout could put the 52-week high of $142.35 back in focus. Support sits near $102.50, close to the 100-day moving-average zone.

Analyst Outlook

Intel carries a Hold consensus rating with an average price forecast of $112.74.

Tigress Financial maintained a Buy rating and raised its price forecast to $145 on Sept. 15. Piper Sandler initiated coverage with a Neutral rating and $110 price forecast on Sept. 10. Northland Capital Markets upgraded Intel to Outperform with a $120 price forecast on Sept. 8.

Benzinga Edge Rankings

Intel has a Benzinga Edge Momentum score of 98.82, indicating strong relative price performance compared with the broader market. See the full Benzinga Edge scorecard.

The key technical question is whether Intel can hold support near the low-$100 range and build enough momentum to challenge resistance at $126.50.

Top ETF Exposure

Intel has a 5.09% weighting in the iShares Semiconductor ETF (NASDAQ:SOXX), a 5.98% weighting in the State Street SPDR NYSE Technology ETF (NYSE:XNTK) and a 4.88% weighting in the Essential 40 Stock ETF (NASDAQ:ESN).

Its sizable weight means flows into or out of these ETFs can contribute to buying or selling pressure in Intel shares.

Price Action

Intel shares rose 1.22% to $110.13 in Friday premarket trading, according to Benzinga Pro data.

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