NVDA, INTC and AMD Forecast – Chips Look a Touch Soft Early Friday

NVDA Technical Analysis

Nvidia is looking a little soft early during the trading session on Friday after core PCE numbers came out hotter than anticipated. At this point in time, it looks like the market is just hovering above the 50-day EMA, and I think ultimately, we have to determine whether or not market participants are going to try to drive Nvidia up to $195.

If we can break above there, then $210 could be a target. Ultimately, the market is likely to continue to see a lot of back and forth, and I think that the $170 level below is a major floor. We have been consolidating for a while, but I think ultimately, we do take off to the upside.

INTC Technical Analysis

Intel is sitting just above the 50-day EMA, and the market is testing the 50-day EMA for longer-term support. At this point, if the market were to turn around and rally, then we could go to the $50 level.

If the market were to break down below the $45 level, then you’re talking about a move down to possibly $37.50, which would be backed up by the 200-day EMA. Intel has been a strong trend for quite some time.

AMD Technical Analysis

The market for Advanced Micro Devices looks a little soft as well, as we continue to hang around the $200 level with the 200-day EMA sitting just below there. I think ultimately this is a market that probably tries to turn things around.

If we do in fact see bullish behavior into the weekend, which isn’t that uncommon, you will see AMD more likely than not try to get back towards the 50-day EMA, currently sitting at $219. I don’t have any interest in shorting this market.