AMD, INTC and NVDA Forecast – Microchip Stocks Mixed in Premarket on Thursday

AMD Technical Analysis

Some of the most widely held microchip stocks are on the move, and Advanced Micro Devices, of course, is one of them. Although it looks like it is in the pre-market, we are going to give back some of the big gains that we saw on Wednesday. Nonetheless, there is a gap underneath that should continue to hold a bit as support, and I would venture to say the real problem here is probably the $187 area, which had been resistant before. I think we just got there a little too quickly. A little bit of a pullback probably offers an opportunity for those looking to get long in AMD. Clearly, this is a market you cannot get short of.

INTC Technical Analysis

Intel looks like it’s going to open up right where it closed on Wednesday, as we are now trading between the 50 and the 200 day EMA indicators and probably are a little bit stretched. Remember, Intel has been a laggard when it comes to these types of companies, and I suspect that we are still just in this massive, what I think will end up being accumulation pattern eventually. Therefore, I don’t read too much into this, other than having bought it at the bottom, I think one of the last times I covered this, we were pretty close to it. You’re probably looking to secure profits or, at the very least, a move to break even in this environment.

NVDA Technical Analysis

And finally, Nvidia continues to go back and forth right around the $182 region, as $180 seems to be offering support. In the pre-market, it looks like we are going to rally about 40 cents. We’ll just have to wait and see, but this is a fairly tight range that we have been in for about five days now. Ultimately, I do think that Nvidia is going higher, but a short-term pullback certainly would not hurt. We have an earnings call in Nvidia, but it’s not until the 27th of August.

So, it may be somewhat quiet between now and then. After all, we are in a pretty quiet time of year for Wall Street in general. You’ll notice that over the last couple of months, volume has dropped a little bit, not necessarily anything to do with Nvidia in particular. I can say the same thing about most stocks.

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