NVDA, AMD and INTC Forecasts – Microchips Looking for Buyers Early on Monday

NVDA Technical Analysis

Nvidia looks like it’s going to gap higher to kick off the trading session on Monday, as the AI trade is not dead quite yet. We have earnings calls coming out for multiple companies, and Nvidia has theirs after the market closes on Wednesday, so that will be on the back of people’s minds. That being said, it does look like we are trying to turn things around and go positive again.

AMD Technical Analysis

AMD is slightly positive in pre-market trading, but it looks like it’s still probably stuck in some type of consolidation and that’s okay. This is a market that has been extraordinarily explosive to the upside, so some sideways action might be the best thing for this market as it works off some of the excess.

If we do pull back from here, the $3.50 level could be targeted, as it is the gap that we had jumped from when the earnings call came out a couple of weeks ago. All things being equal, this is a market that I think continues to see buyers on dips and I am looking for that play.

INTC Technical Analysis

Intel looks like it’s going to try to recover a bit after the gap lower on Friday and then the turnaround, so we’ll see if that can happen. But I think if we can jump a bit, we may fill the gap, go looking to the $115 level.

Keep in mind Intel has been just ripping to the upside for quite some time now, so a little bit of sideways bouncing around is actually a good thing for this market. $100 continues to be an area that I would watch very closely as a potential floor.

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