MSFT, ORCL and INTC Forecast: Tech Stocks Eye a Rebound

Intel looks like it is going to gap higher to kick off the trading session on Tuesday after forming a bit of a hammer on a negative gap lower on Monday. Intel had been one of the better performers that I watch, but now is currently in the midst of trying to form some type of range.

The 200-day EMA sits right around the $78.57 level, which is also where the 61.8% Fibonacci retracement level holds. So with that, I think we have to look at this as a market that’s in the midst of trying to find its floor. The rally first thing in the morning, though, is a good sign.