Chipmaker Intel Corporation (NASDAQ:INTC) is suffering a bout of weakness on Thursday, collapsing below its 50-day moving average after spending the past two weeks flirting with this critical support level. This returns the stock into the “doldrums” between the 50- and 200-day moving averages it spent October through December in.

Stepping back, the $35-a-share level has represented resistance for INTC stock going back to 2014 amid lingering concerns over the health of the PC industry.

The much heralded launch of Windows 10 failed to generate a significant increase in consumer interest. As such, INTC has tried to shift its focus into new areas of growth like machine learning, etc.

Unfortunately for the bulls, this remains largely a PC story. And the story is a bad one.

Not even bending the knee to President Trump has generated a lift. On Wednesday, the company confirmed a $7 billion investment in Arizona to build a new processor plant and create more than 10,000 jobs after its CEO met with Trump.

Part of the problem is a comeback by competitor Advanced Micro Devices, Inc. (NASDAQ:AMD), which is enjoying a surge of demand for its graphics processors used in autonomous vehicles.

The company will next report results on April 27 after the bell. Analysts are looking for earnings of 65 cents per share on revenues of $14.81 billion.

Watch for a drop to test support at the 200-day moving average, also representing support from the post-July trading range. A breakdown would put the June levels in play, a 15% decline from here.

Anthony Mirhaydari is founder of the Edge and Edge Pro investment advisory newsletters. A two-week and four-week free trial offer has been extended to InvestorPlace readers.