Following a 20% surge last week, Wall Street analysts are eyeing Intel (INTC) and speculating on how high the stock can rise this week. After reports came out that the chipmaker was considering investments from Apple and TSMC, as well as a huge investment from Nvidia, Intel shares have been on the rise. The semiconductor industry, led by Nvidia, has also climbed this year thanks to the ongoing AI wave. Year-to-date, INTC is now up over 70%, and numerous stock forecasts across Wall Street for the stock have been raised.

The struggling chipmaker has held several rounds of talks with Apple, per the NYT, which is sending shares higher. Intel used to be a primary supplier for Mac computers, and the two companies codeveloped Thunderbolt technology. But their arrangement began to wane in 2020 and was finally phased out as of 2023. The iPhone maker and Intel have also discussed how to work more closely together, the NYT report said, adding that the talks are at an early stage and may not lead to an agreement.

Price patterns on the INTC charts reveal key support levels that the stock must hold to keep the gains coming. In the past month, INTC broke out above a multi-month trading range, while trading volume around the stock has been much higher. Additionally, INTC’s relative strength index (RSI) is up, confirming bullish price momentum. Currently trading around $34, analysts are looking at the following price points that Intel stock should target next on its bull streak.

First, analysts are looking at the $45 mark as the next resistance level for INTC to peak through. This price may provide resistance near a trendline that connects a range of peaks and troughs on the chart, stretching back 6 years to May 2019. Additionally, this level roughly coincides with the 78.6% Fibonacci retracement level when applying a grid from the December 2023 high to the lower trendline of the stock’s multi-month trading range. Upon reaching $45, analysts set $56 as the next target for INTC stock, putting it just shy of its $62 all-time high.

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Alternatively, if Intel (INTC) shares see some pullback in the coming weeks, shares could come crashing back down to $30 and below. This would be a great spot for buying into INTC; however, there is potential for further decline to as low as $26 per some analysts. This price point marks the top of the stock’s multi-month trading range and could flip from prior resistance into future support.