NVDA, AMD and INTC Forecast – Chips Stocks Looking for Momentum on Friday

NVDA Technical Analysis

NVIDIA looks like it is going to rally a bit based on pre-market trading on Friday, as we continue to see strength in this market. There is a gap underneath that could cause a significant amount of support. So, I think if we drop them here, there will be plenty of people interested in buying them. On the other hand, if we can break above the $185 level, that’s a very bullish sign for Nvidia and probably has this thing going towards the $200 region. Nvidia is not a market that I want to sell regardless because it’s held in far too many large passive investing vehicles at the moment to even begin to think about shorting.

AMD Technical Analysis

Advanced Micro Devices finds itself a little bit positive in pre-market trading on Friday as we continue to dance around the 50 day EMA. AMD, of course, has been a favorite for some time now, but we’ve had a little bit of a pullback. The question of course is, can we turn around and rally from here? The $170 level could be a target on bullish pressure. If we can break above $170, then it opens up a move to the $187 level. The $150 level underneath is a large, round, psychologically significant figure that I think offers quite a bit of support. I don’t want to short this market either, but it’s not quite as ensconced into the psyche of Wall Street as Nvidia is.

INTC Technical Analysis

Intel looks like it’s going to open right about where it closed. And that, of course, is in the middle of consolidation. The question here, of course, is, are we forming some type of little, for lack of a better term, pennant that the market is going to have to determine where to go with it. If we are, then if we break to the upside, it could be a significant move. We could be talking about a move to right around the $30 level. I think it would make a certain amount of sense. I mean, after all Intel has been in a massive consolidation and bottoming pattern for what seems like a lifetime here. But out of all the microchip stocks, it’s definitely one of the biggest laggards. So, I’d be much more comfortable buying Intel if it reaches escape velocity over the $26 level.

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