AMD, NVDA and INTC Forecast – Microchip Stocks Look Strong

AMD Technical Analysis

AMD looks like it is going to continue to rally after that announcement that it is partnering with OpenAI. At this juncture, we have a massive gap that we have to deal with. But quite frankly, AMD has quietly been one of the best stocks I follow since April. With this, we have reached a fresh new high and really, where do we go from here? We just don’t know. It’s going to be higher.

But I think you have to look at this as a market that you are hoping for pullbacks in order to find value. Chasing it is dangerous unless, of course, you’re longer-term inclined and may be able to ride through any type of sell-off.

NVDA Technical Analysis

Nvidia is going to open a bit higher, perhaps even breaking the all-time high, as we continue to grind to the upside. The $200 level will be targeted before it’s all said and done. And I think you’ve got a situation where that’s the next logical target. Whether or not we get there quickly remains to be seen, but it certainly looks like we’re getting a bit of a boost here in early market Thursday trading. The next earning call is November 19. So, we’ve got quite a while before we hit that. And therefore, probably just continue to see more of the same behavior out of Nvidia that we have seen over the last several months.

INTC Technical Analysis

Intel looks like it is going to be somewhat flat at the open, but quite frankly, it’s been straight up in the air over the last couple of weeks, and I think we continue to see more or less a buy on the dip type of situation here. Microchips in general are doing well, and of course, Intel has gotten a massive influx of cash recently from investors, especially with analysts out there raising their targets. Now, I think traders are just simply chasing stock.

All things being equal, I see support at $36, $34, $32, and then $30. This is a market that I want to get long of on dips. I have no interest in shorting. Intel has finally broken out of malaise and looks like it may be a very viable stock yet again.

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