AMD, INTC and NVDA Forecasts – Microchips Looking to Recover on Monday

AMD Technical Analysis

The pre-market for AMD looks pretty strong at this point in time as it looks like we are in fact, going to recover. This recovery should allow for a continuation of the overall sideways market that we have been in. The $560 level above, I think, is a bit of a target, but it’s also a bit of a barrier. If we can break above the $560 level, that will allow AMD to continue to go higher. If we break down from here, then I would look for $450 to offer support.

INTC Technical Analysis

Intel is slightly positive in the early part of the trading session. Ultimately, though, I think we’re just dancing around the $133 level, which is essentially fair value. The $140 level above, I think, is your barrier. Breaking that opens up the possibility of a move to the $150 level.

I do like the idea of buying dips here. Intel’s been one of the huge performers and we just broke out of what would be thought of as a bullish flag.

NVDA Technical Analysis

Nvidia is looking likely to bounce early during the session, but Nvidia’s been miserable for a while now. We are sitting just above the 200-day EMA. We’ll have to wait and see whether or not this comes into the picture to offer support. If we can break above the $200 level, then it opens up a move to $210.

Eventually, I think Nvidia will turn the whole thing around and continue to go higher. You could make an argument, I suppose, for some type of Fibonacci-based bounce from the 61.8% level, but I think ultimately, it’s more about the AI trade right now kind of unraveling. If it starts to pick back up, then we have a chance at a move.

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