NVDA, INTC and AMD Forecasts – Tech Stocks Mixed in Premarket

NVDA Technical Analysis

Nvidia is slightly positive early on Friday, but quite frankly, we’re in an area that I think is going to continue to be a bit noisy, as we have seen a lot of supply come into the market. We are literally testing the candlestick that had the market selling off so viciously back in late January. So, with that, I think you have to look at this as a market that’s probably more buy on the dip. Ultimately, I certainly don’t want to short this market. It’s definitely a strong one, but that doesn’t necessarily mean that we have the ability to break out right away. I do think you’ll get opportunities to find value. When you do, most traders, I believe, will be taking advantage of it.

INTC Technical Analysis

Intel has gapped higher, but now it’s just kind of hanging around. I think we’re just stuck in this range that we have been in for what seems like a lifetime. The 50 day EMA sits underneath the candle from Thursday, and it is relatively flat, so you could probably make the argument that quite frankly, we are just simply building a base. In fact, longer term traders, Dow theorists, might even look at this as accumulation, but you’re going to have to be very, very patient with that type of setup. Short term pullbacks probably continue to get bought into, especially right around the $20 level.

AMD Technical Analysis

Advanced Micro Devices is in the process of trying to break out at the moment. And I do think that this is just a nice continuation of the move that we have seen for a couple of months now, as we had bottomed near the $80 level in early April. And now we are right around $132. So given enough time, it’s likely that we will go look into the $140 level, but it doesn’t mean we get there overnight. I think short-term pullbacks continue to be a real threat, but we did see a lot of volume coming into the market on the massive candlestick from Monday. So, I do like the idea of perhaps trying to take advantage of those orders down there on a pullback and finding value that you can trade AMD off of. I have no interest in shorting this market.

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