INTC, AMD and NVDA Forecast – Chip Stocks Trying to Rise Early on Thursday

Intel (INTC) Technical Analysis

Intel looks like it is going to open up about where it left off, and this, of course, is a pretty good sign considering it jumped after it announced new AI and gaming chips at the CES show.

With that being said, short-term pullbacks I think, continue to offer potential buying opportunities, and of course, people will be watching Intel. It has been very strong for some time, and now we have got this volatile kind of consolidation area that we need to deal with. Short-term pullbacks towards the $38.50 level will, of course, end up offering a bit of support right along with the 50-day EMA.

AMD Technical Analysis

AMD looks like it is trying to rise a little bit, perhaps on the back of the CES show as well, just the overall positivity for tech. With that being the case, the $200 level underneath, I think, continues to offer a bit of a short-term floor in this market.

I do not necessarily think this market takes off to the upside easily. I think we are in a period of consolidation, but it is definitely more of a buy-on-the-dip type of situation, and as a result, I do not have any interest in trying to fight it or, more importantly, short it.

Nvidia (NVDA) Technical Analysis

NVIDIA looks like it is going to be somewhat positive in early trading here on Thursday, as it looks like we are going to go reaching towards the $200 level. The $200 level of the course is a large, round, psychologically significant figure that a lot of people will be watching.

Short-term pullbacks I think, offer support near the 50-day EMA as well as the $170 level. The $170 level also features the 200-day EMA, and that I think is your floor in the market.

We have been consolidating between $170 and $200 for a while. I do not see anything busting us out of this quite yet. So, with that in mind, I remain bullish, I’m not looking for fireworks at the moment.

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