NVDA, INTC and AMD Forecast – Chips Looking to Roar on Friday

Nvidia Technical Analysis

Nvidia looks like it’s ready to jump here on Friday, as the $170 level has, in fact, offered nice support right around the 200-day EMA. If we can continue to go higher, the market could open up the possibility of a move to the $195 level, which is the top of the range that we have been in.

If we break down below the $170 level and the 200-day EMA by extension, the $165 level becomes the next major support area. Anything below there would be rather ugly, but I think this is a market that’s simply killing time, bouncing back and forth in this $25 range between now and the February 25 earnings call.

Intel Technical Analysis

Intel looks like it’s ready to jump as well, with the $45 level offering support right along with the 50-day EMA. Underneath that, $43. $55 could be your target; I don’t think it’s going to be easy to get there, but it certainly looks like a market that’s not ready to quite sell off yet.

I like the idea of buying dips, and I do think that Intel probably has further to go over the longer term, but this is going to be a choppy move to the upside, just as we have seen over the last several weeks and months.

Advanced Micro Devices Technical Analysis

Looking at Advanced Micro Devices, you can see that we’re hanging around the $200 level in pre-market trading. It looks like we’re trying to recapture that area. We did bounce from the 200-day EMA at least so far, which is a positive sign. It could send this market right back into the consolidation phase that it had been in previously.

Conversely, you can look at this as a massive double top that just kicked off, but even if we fall from here, you’re probably looking at just filling the gap. I’d be very interested somewhere closer to the $169 level if we were to pull back and bounce.

But if we get a little bit of momentum here, we could fill the gap above and try to get to $236. You can make an argument for both directions; just watch momentum, watch how the overall sector behaves.

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