NVDA, AMD and INTC Forecast – Major Tech Stocks Wait for NVDA Earnings

NVDA Technical Analysis

NVIDIA looks like it is going to open a little bit positive during the trading session here on Wednesday, as we are threatening the crucial $185 level. The $185 level, of course, is an area that’s acted like a barrier as of late. But the thing about Nvidia is that we have earnings reports coming out after the bell closes. So, I think during the day, it’ll be very noisy, but it would also not surprise me at all to see traders try to push this market higher.

Short-term pullbacks, I think, have plenty of support all the way down to about $170 or so, especially as the 50 day EMA sits just below there. NVIDIA will probably determine what happens with the overall NASDAQ as well as its 14 % of the index.

AMD Technical Analysis

Advanced Micro Devices looks like it is going to be just a touch positive at the beginning of the session as we open up and may have just formed a double bottom near the $160 level. If we do in fact get a little bit of upward momentum, it’s likely that AMD could go looking to the $180 level, as it would just be a simple continuation of the consolidation region that we are, at least in theory, trying to kick off here. If we break down below the 50 day EMA, then it’s possible that we have a real drop, perhaps down to $140, but right now that’s not really what I’m looking for.

INTC Technical Analysis

Intel looks like it’s going to open just slightly higher than its close, but really at this point, I think you’ve got a situation where Intel is just kind of stuck. There isn’t a whole lot of clarity on how people feel about the United States government taking a portion of equity as taxpayers have funded a lot of what’s going on at Intel, so it does make a certain amount of sense. But really, at the end of the day, the easiest way to look at this is that we are, in fact, threatening that $26 level again.

If we can break above there, then we might have the ability to go much higher. But as things stand right now, this is a market that will continue to be very choppy. I’m not looking for major moves, but if we can break above the shooting star that occurred on Tuesday of last week, then I think there’s a real chance that we will go higher. In the meantime, I think it’s more or less by on the dip as we are trying to accumulate a position.

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