NVDA, INTC and AMD Forecast – Chips Are a Bit Mixed in Premarket

NVDA Technical Analysis

Nvidia looks like it’s going to open the day a little bit negative, but at this point in time, it’s probably worth noting that Nvidia is definitely at the top of what’s been an explosive run to the upside. The question now is whether or not this dip will end up getting bought or if we have to drop back down toward the $170 level to find support. The one thing that I do know that I won’t be doing anytime soon is shorting this market. Pullbacks are bought going forward and I don’t really see the picture changing much for Nvidia at the moment.

INTC Technical Analysis

Intel looks like it’s actually going to open positive for the session after a very strange, but bullish candlestick during the previous one. With that being said, the 50 day EMA is sitting right around this neighborhood, and it did offer a significant amount of resistance during the day on Monday. So, on Tuesday, you would assume that it may do some of the same. If we were to rally enough to fill the gap, that would send us toward the 200 day EMA at the $22.60 region. And it would not surprise me at all to see us get there. Short term pullbacks, I believe, are still buying opportunities as we are at the bottom of the overall consolidation range that we have been in for about a year.

AMD Technical Analysis

And finally, AMD looks like it’s going to open up ever so slightly positively for the session. This is a market that broke out back in early May, breaking through a downtrend line. And then since then, we’ve seen the Golden Cross, a little bit of a pullback towards $160 and another bounce. I think at this point in time, you are probably getting to an area where things are going to be choppy to sideways. So, I’ll be watching this, but I still believe that the right direction is upward, not to short this market. So, I look at pullbacks as potential buying opportunities.

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