NVDA, INTC and AMD Forecast – US Chip Stocks Sluggish in Early Hours

NVDA Technical Analysis

The stock for Nvidia looks like it is going to drop a little bit in pre-market trading,  but quite frankly, this is a market that has broken out of a massive bullish flag. So, I do think that any pullback here probably gets bought into as we could go higher. The $130 level is an area that I think a lot of people will be watching for support. And therefore, if we can stay above there, I think it’s only a matter of time before Nvidia takes off. We did get a stronger than anticipated earnings call before the Thursday session on Wednesday night. And now it looks like the market is trying to fill that gap and then possibly turn around and take off to the upside.

INTC Technical Analysis

Intel looks as if it is going to probably be slightly positive, but just only so in the early hours on Friday, as we continue to consolidate in general. This is a market that is going to be interesting because the company itself has had some problems, but it’s a legacy company that does a lot of work in this space. And there’s a lot of chatter about them possibly producing chips for other companies, such as Nvidia. So, we’ll just have to wait and see if something comes out of that. If we can break above the 50 day EMA, Intel could go higher, perhaps reaching the 200 day EMA. If we break down from here, I think the $18 level is a massive support level.

AMD Technical Analysis

AMD is a little lower than it closed in pre-market trading, but I think there’s plenty of support here as well, especially near the $108 level, as the 50-day EMA comes into the picture just below there, and of course, that scenario where we have shown significant support. If we break higher from here and clear the $120 level, AMD could really start to grind higher over the longer term.

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