Bank Of America Looking For More Upside On Intel

Bank of America came out with a note on Monday with some technical analysis on Intel Corporation INTC, looking for decidedly more upside from current levels.

Analyst Stephen Suttmeier said, "INTC has consolidated on an absolute price basis as well as relative to the S&P 500 since July. Yesterday's 90-day price and volume breakout above resistance at $35.00-35.56 completes this bullish consolidation and favors a continued rally. The pattern counts to $41 but the potential for a big base suggests more significant upside to $46 and then toward $60 and beyond longer-term."

Suttmeier also thinks holding above $33-32 keeps the immediate pattern constructive, with big support at $30-28, noting that the Russell 2000 (R2K) and S&P 400 MidCap (MID) formed bullish engulfing patterns, providing further support for stocks generally.

Shares of Intel closed Friday at $35.59 and were up 1 percent in pre-market trading.