Intel broke below its longer-term trend line, so the JP Morgan upgrade is not bullish for the chart: only a little upside in theory, back to about $102 per share, where it meets significant resistance and acts as a rejection point.

In fact, we saw names like Intel getting an upgrade today. that again is trading higher off of a JP Morgan move to upgrade the stock.

Now flipping back to Intel. Intel getting upgraded today by JP Morgan Chase. Now you might say, is this really bullish for the chart? The answer is not so much. Why? Well, because you have this longer term trend line that we broke below.

So while there is a little bit more upside in theory, right? We should bounce back to the scene of the crime, this now has to be taken as a rejection point on the chart of Intel.

So Intel could easily trade back, let's say, to $102 per share. But once there, it's going to meet significant resistance.