Investors appeared to be positioning after Intel’s sharp pullback from its June highs while assessing whether the stock can stabilize near an important technical level.Although the long-term uptrend remains intact, the stock has been under pressure in recent weeks. Traders are now watching for signs that the recent decline has run its course.Technical AnalysisIntel continues to trade well above its long-term trend, sitting about 32.5% above its 200-day simple moving average of $66.28.However, the shorter-term picture remains weak. The stock is trading 17.7% below its 20-day simple moving average of $106.69 and 23% below its 50-day simple moving average of $114.10. That suggests sellers still control the near-term trend.The 100-day simple moving average at $91.17 has become the next key resistance level. A move above that level could improve the technical outlook and open the door for a test of the 20-day and 50-day moving averages.Momentum indicators remain cautious. The moving average convergence divergence (MACD) indicator remains below its signal line, suggesting bullish momentum has yet to return.Intel reached a 52-week high in June before pulling back to a swing low in July. Even after gaining 322.83% over the past 12 months, the stock is now in a consolidation phase.Key resistance stands at $91.17, while support is near $74.93, close to the 200-day exponential moving average.Analyst OutlookThe stock carries a consensus Hold rating with an average price forecast of $109.07. Recent analyst actions include: