NVDA, AMD and INTC Forecast – Tech Stocks Looking to Soar?

NVDA Technical Analysis

Nvidia is gapping a little bit to the upside during the open here on Friday and it looks like we are trying to do everything we can to rally to the $184 level again, which has been massive resistance. So, I think if we can break above the $184 level, then Nvidia can really take off to the upside. Short-term pullbacks probably see the 50-day EMA as significant support. All things being equal, this is a market that I think continues to see a lot of buy on the dip behavior.

AMD Technical Analysis

AMD finds itself looking a little soft, although better than it once did in pre-market trading. So, we’ll just have to see how this plays out, but we are in the midst of consolidation after bouncing over the last couple of days from the $150 level. Keep in mind that AMD had been a magnificent performer since the bottom in April. And this little pullback, despite the fact that it’s been sustained for about a month, really hasn’t even reached the 38.2 % Fibonacci retracement level from the bounce.

So there is not a lot going on here. I think you just have some profit taking, maybe a little bit of market working some of the froth off here in what had been so strong of a move to the upside. If we can break above the $165 level, that’s probably the signal that we’re going to go higher.

INTC Technical Analysis

Intel finds itself getting ready to gap higher yet again after we heard that Apple may be interested in buying Intel or at least invest in it. With that being the case, Intel has continued to see massive gains as of late, and ultimately, it’s a very hard market to chase at this point. When you zoom out, you can see just how big of a move this has been as of late. Although, I guess in theory, we could go to the $70 level if we try to come back to the days of Intel being one of the big winners. Nonetheless, I think this is a market you really need to see some type of pullback in before you start throwing money at it.

I just don’t like the idea of chasing a stock that is up about 50 % in six or seven trading sessions. It just looks like a good way to get hurt. Nonetheless, I’m not going to short it either. That’s basically impossible. This might even be a situation where, if you really want to get on the long side of Intel, you might be better off buying options out into the future. At least that way, you know what your risk is. The last thing you want to do is buy at $35.50 and have to sit through a pullback all the way to something like $28, which could be very painful.

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