NVDA, INTC and AMD Forecast – Chips Look to Rally on Wednesday

NVIDIA Technical Analysis

Nvidia looks like it is going to rally at the beginning of the session here on Wednesday, which makes sense. We had just visited the 200-day EMA and got pretty close to the bottom of the overall range that we have been in.

So, I think this is just a continuation of the back-and-forth behavior that we had seen for a while. If we can break above the 50-day EMA, it could open up the possibility of a move to the $195 level, where we have seen a massive amount of resistance.

Anything above there opens up the possibility of a move towards $210, but right now I think you’re probably better off just assuming that the range holds.

INTEL Technical Analysis

Intel looks like it is going to jump, and it’s interesting that it has found support at the $43 level, an area that clearly is of some interest in the charts. The 50-day EMA offers a bit of resistance, so if we can break above tha,t it would be a good sign, perhaps opening up the possibility of a move to the $50 level.

Any breakdown from here could open up a move down to $37.50, and right around there, you’re starting to talk about the 200-day EMA coming into the picture, but right now, it looks like it is supported, and of course, Intel has been a winner for some time.

ADVANCED MICRO DEVICES Technical Analysis

Advanced Micro Devices is hanging around the 200-day EMA, but it looks like it’s going to jump a little bit to the upside in pre-market trading, opening up the possibility of a recovery towards the 50-day EMA.

This is a market that is well supported but has been drifting as of late. We will have to see if we can break out of the range between $190 and the $220 level that we have been in for most of the month of February and then leading into March. If we do not, we could drop to fill the gap down at $170.50.