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

NVDA Technical Analysis

The market for Nvidia looks pretty healthy to kick off the trading session here on Thursday, as premarket trading is positive. It looks like we’re trying to bounce from the $200 level, an area that’s been important for some time, and we could very easily go back to the $210 level, trying to fill the gap that we formed at the beginning of the Tuesday session.

The 50-day EMA sits right there as well, so we’ll have to wait and see, but a bounce from this area does make a certain amount of sense. NVIDIA has been very strong for a while. Some traders will look at this as a potential head and shoulders, but quite frankly, we’re in an area that’s been both supporting and resisting for a while here. I think it’s dangerous to assume that suddenly we’re going to be in a downtrend, especially with other chips doing fairly well.

AMD Technical Analysis

AMD looks like it’s going to jump higher right off the bat. It’s not a huge surprise. AMD’s been a huge winner for some time, and with interest rates dropping, that has people taking more risks. The question now is whether or not we can break above the $560 level. Certainly, looks like we will eventually.

I don’t know if it’ll happen today or tomorrow, but given enough time, it certainly looks like we’re going to see more of a drive to the upside. And in fact, if you overlay this on the Nasdaq 100, it looks almost exactly the same. So, I’m a buyer of dips. I do think that AMD will eventually go much higher.

INTC Technical Analysis

Intel also looks like it’s ready to jump about $7 right off the bat. That’s a pretty strong move. I think Intel probably has quite a bit further to go. We just broke out of, pulled back to retest the top of this massive consolidation range.

In other words, we could have $30 to go right around the $160 level based on the measured move. I don’t see anything in this chart that remotely suggests we can’t do that. I like Intel. I think Intel’s got much further to go, and probably in relatively short order if the recent moves over the last several months are to be a harbinger.

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