INTC, NVDA and AMD Forecast – Chip Stocks Look to Recover on Thursday

INTC Technical Analysis

The Intel stock has opened in pre-market trading right around where we fell to at the end of the session on Wednesday. So, Thursday looks like there is going to be some stability here, with the 200 day EMA sitting underneath. Keep in mind that SoftBank has bought 2 % of Intel’s equity and it looks like things are progressing for Intel for its recovery. We’ve been in an accumulation pattern for some time and the area just above $25 remains very difficult to get above. So, I believe at this point, it’s still a buy on the dip type of scenario.

NVDA Technical Analysis

Nvidia crashed during the trading session on Wednesday, but Thursday looks like it’s going to continue the recovery that we saw later on Wednesday. Nvidia is one of the most widely held stocks at the moment. So, it make a certain amount of sense that people were willing to jump into Nvidia and take advantage of this price action. The 50 day EMA sits below the bottom of the hammer from the trading session from the previous day. And therefore, I think this was the knee jerk reaction a lot of people wanted to see in order to get involved in what had been a runaway uptrend.

AMD Technical Analysis

AMD looks like it is ready to rally a bit during the session as well. And I do think you’ve got a situation where we’re going to try this recovery here, just like we did in Nvidia. Ultimately, this is a market that should go looking towards the highs again, the $187 level, which has been like a brick wall. We’ll have to wait and see how that plays out. But right now, I think you’ve got a really good shot at this market trying to make a move to the upside as it has shown so much in the way of support near the $160 level. We are still in an uptrend despite the fact that we saw a lot of panic over the last couple of days, not just in AMD, but several other stocks. With that, I remain bullish.

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