NVDA, AMD and INTC Forecast – Chips Look to Rally on Thursday

NVDA Technical Analysis

Nvidia looks like it’s going to open the session on Thursday with a little bit of a gap higher as we are now struggling and fighting the 200 day EMA. Volume is a little bit light, and that would be the one thing that I would be concerned about, but overall, it does look like Nvidia has bounced pretty hard from the $100 level. And now the question is, can we continue to the upside? According to pre-market trading, we are, in fact, going to at least attempt it. I think the $120 level and then the $122.50 level are your next couple of minor barriers that you’ll have to deal with.

AMD Technical Analysis

AMD looks like it’s going to open up positive for the session on Thursday as we are going to leapfrog the $100 area. And now it looks like we could even go higher, perhaps trying to get to the $115 level. The 200 day EMA sits near $120. So, it’s really not until we break above there that we are technically in an uptrend. All things being equal though, this is a market that is still very negative from a longer term standpoint, as we have seen such a massive selloff. It’ll be interesting to see how this plays out, but in the short term, I do think that we continue to see at least an attempt at recovery.

INTC Technical Analysis

Intel looks like it’s going to gap higher by about 50 cents to kick off the session as we continue to go back and forth in this same range. All things being equal, this is a market that is going to probably remain buy on the dip, as we try to sort out some type of reason for Intel to suddenly take off to the upside. Given enough time, I do think that Intel does, but we need more deals made internationally to get more risk on behavior back into the market. And I do think that Intel will remain a little bit of an afterthought in this space, although if the rest of the companies go higher, it probably drags it right along with it.

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