NVDA, INTC and AMD Forecast – Chips Looking for Momentum After Broadcom Concerns

NVDA Technical Analysis

Nvidia looks as if it will open positive during the Friday trading session as the market continues to go sideways in general. All things being equal, this is still a sideways market, with the $170 level underneath offering support right along with the 200-day EMA sitting at $163.70 and rising. To the upside, the $200 level should be a major barrier for the bulls. All things being equal, the market should get closer to $200 fairly easily.

INTC Technical Analysis

The market for Intel looks like it is going to be a little bit soft on Friday, but at the end of the day, it remains pretty elevated in general. We are in the middle of a very choppy and supported region, and the market will continue to favor buying dips. There has been quite a bit of bullish pressure with Intel, and there are tailwinds behind it, including its potential combination with Apple. With that being the case, Intel continues to offer value on pullbacks.

AMD Technical Analysis

Advanced Micro Devices looks like it is going to open slightly lower during the Friday session, but it is sitting right at the 50-day EMA and above the crucial 200-day moving average. The $200 level could offer a bit of a floor, and it is worth noting that Thursday’s candlestick was a massive hammer.

Broadcom released cautious forward guidance, expressing concern about the profitability of artificial intelligence so far, which has rattled nerves a bit early in the market. However, Wall Street has repeatedly returned to its favorite stocks, and because of this, AMD likely turns around fairly quickly and continues to find buyers.

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