NVDA Technical Analysis
Nvidia looks as if it is trying to jump in pre-market trading, trying to get above that crucial $175 level. This is a market that’s been sideways for a moment here, but obviously has been very bullish. We do not have an earnings announcement until the 27th of August, so we have plenty of time before that comes into the situation to influence where we go next. Any pullback at this point in time, I think, attracts attention, especially if we were to somehow get near the $165 level.
AMD Technical Analysis
The market for Advanced Micro Devices looks like it is going to break higher, as we are getting ready to gap to the upside. Short-term pullbacks are buying opportunities from what I can see, with the $155 level being a floor. The market has to worry about earnings in just a little bit, on the 5th of August, so that is something worth paying attention to next week. In the short term though, it does look like AMD is ready to continue higher. And quite frankly, I do not want to fight this momentum. This has been a pretty monstrous move since we broke through a fairly well-defined trend line back in June. AMD has just been a monster.
INTC Technical Analysis
Intel looks as if it is trying to gap a little bit higher after that massive drop after earnings, which actually missed in the earnings part of it, but revenue was a little higher than anticipated. I suspect that Intel is going to try to maintain the same consolidation area it’s been in for multiple months, which, as a matter of fact, is a little over a year. So, with that being the case, I think you’re just going to see more of the same going forward, more of a buy on the dip mentality as we try to hold the floor, but I don’t know that we have enough momentum to break out anytime soon.
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