NVDA, AMD and INTC Forecast – Chip Stocks Looking Forward to Earnings

NVIDIA Technical Analysis

NVIDIA looks like it is going to continue to be somewhat noisy and possibly just a touch negative at the open on Monday, but quite frankly, this is a market that is just treading water right along the 50-day EMA.

Not necessarily looking bad, just looking like it doesn’t have any real catalyst to get going. This makes sense because most of the artificial intelligence trade has now switched over to some of the less sexy names, the actual nuts and bolts that gets everything done.

AMD Technical Analysis

Advanced Micro Devices looks like it is going to pull back a little bit at the open on Monday after the shot higher that we have seen over the last couple of days. That is probably a bit of welcome relief; I think a short-term pullback allows the market to find a bit of value.

The earnings call is coming up on February 3, so we are getting close, but we are not there yet. I think that is part of what is going to happen here as well. I think a lot of people don’t really know what to make of that. A little bit of a pullback towards the $240 level, possibly even the $230 level, probably brings in value hunters in a stock that has been extraordinarily strong for some time.

INTC Technical Analysis

Intel looks like it is going to drop as well, but I think there is plenty of support underneath, especially near the 50-day EMA and the $38.50 level. This is an area that has seen a lot of noise previously and I think that noise will be looked at as potential support as there are a lot of inflows and outflows in that area.

All things being equal, a short-term pullback that shows a certain amount of resilience by bouncing, I think ends up being a buying opportunity. I have no interest in shorting Intel; it looks very strong.

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