NVDA, INTC and AMD Forecast – Chips Look to React on Thursday

NVDA Technical Analysis

Nvidia looks like it’s going to be somewhat flat at the open on Thursday as we continue to stare down the barrel of the $195 level. This is an area that I think will continue to be very difficult to overcome, but if and when we do, it opens up the possibility of a move to the $210 level.

In the meantime, short-term pullbacks should continue to offer value as we have a bullish market over the last year or so and don’t have an earnings call until the 25th of February.

INTC Technical Analysis

Intel looks like it is going to be a little bit negative but quite frankly we’ve had an explosive couple of weeks here. I think we are going to continue to see a lot of volatility. I would not read too much into everything that’s going on right now as it is a bit of a circus as far as headlines around the stock market are concerned.

I do think that Intel is a winner in the long term with the 50-day EMA at $41.58 offering a bit of support, followed by the $38.50 level. The $55 level above could be a target as it was a recent swing high.

AMD Technical Analysis

Advanced Micro Devices is a little bit positive in pre-market trading and I think we are going to have a go here at this double top near the $266.50 region. I think we can break above there eventually and once we do the measured move is to about $320. Obviously, I’m not calling for that next week, but I do think the overall attitude in AMD still remains very bullish so therefore I like the idea of buying dips.