NVDA, INTC and AMD Forecast – Chips Lackluster Early on Friday

NVIDIA (NVDA) Technical Analysis

The market for Nvidia looks like it’s soft yet again during the trading session here on Friday in pre-market trading, as we just don’t seem to have any momentum when it comes to technology, specifically AI. That being said, the oversold condition from the previous day could get things to be somewhat interesting here in buy on the dip type of behavior.

All things being equal, this is a market that the $195 level above is your barrier and potential target on a bounce. To the downside, we could drop all the way back down to the $170 level as we are just killing time here. Ultimately, I am looking for an opportunity for some type of bounce to start buying, but we just don’t have it yet.

Intel (INTC) Technical Analysis

Intel looks like it’s going to drop as well, but it does have the 50-day EMA sitting right here to offer potential support. Even if we were to break down below there, then we could see the market drop down to the $35 level over the longer term, which is where the 200-day EMA currently resides. I have no interest whatsoever in shorting this market.

Advanced Micro Devices (AMD) Technical Analysis

Advanced Micro Devices continues to bounce around just above the 200-day EMA and the $200 level. I think ultimately this is a market that continues to be very choppy and noisy, but we are at the bottom of the overall consolidation range, and I do think value hunters might be here.

If we were to break down below $190, then we might have to drop down to $171 where a gap had formed back in October, maybe even as low as $150. I don’t think that happens without some type of greater damage to the markets in general, so this is probably more or less a risk sentiment type of scenario.