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SNIP on INTC: The Philly Semiconductor Index ($SOX) rose nearly one percent Friday, following news that North American chip equipment sales rose 16 percent sequentially in April and were up 111 percent year over year. However, the book-to-bill ratio did rise off its record low of 1.09 to a reading of 1.14. Shares of Intel (INTC) were up half a percent and are now testing the upper channel of an ascending triangle formation.

http://www.optionetics.com/articles/article_full.asp?idNo=10437

In contrast to the symmetrical triangle, an ascending triangle has a definitive bullish bias before the actual breakout. If you will recall, the symmetrical triangle is a neutral formation that relies on the impending breakout to dictate the direction of the next move. On the ascending triangle, the horizontal line represents overhead supply that prevents the security from moving past a certain level. It is as if a large sell order has been placed at this level and it is taking a number of weeks or months to execute, thus preventing the price from rising further. Even though the price cannot rise past this level, the reaction lows continue to rise. It is these higher lows that indicate increased buying pressure and give the ascending triangle its bullish bias.

http://stockcharts.com/education/ChartAnalysis/triangle-Ascending.html