NVDA, INTC and AMD Forecast – Chops Stocks Mixed Early on Wednesday

NVDA Technical Analysis

NVIDIA looks like it is going to be slightly soft in the early hours of Wednesday but really at this point in time we are just hanging around the 50-day EMA, which happens to coincide with the overall consolidation area that we are in with the $170 level on the bottom offering support backed up by the 200-day EMA and the $195 level above offering resistance. All things being equal, in the longer term, I am bullish on NVIDIA, but I think we are going to see some sideways grinding for a while. That certainly has been the case for several months.

INTC Technical Analysis

Intel looks like it is going to jump again as it has gotten some analyst upgrades from KeyBank and other places, and it does look like a market that is anticipating a fairly good earnings and revenue report on the 22nd of January. Short-term pullbacks, I think, continue to offer buying opportunities in a market that obviously is very strong, and of course, we have seen Intel turn around completely this year as it was at one point essentially dead money. I think we will make a challenge towards $50 probably sooner rather than later.

AMD Technical Analysis

Finally, Advanced Micro Devices looks like it is going to pull back as well, but it is in fairly tight consolidation, and I think it is just more of the same. The 200-day EMA is all the way down at the $182 region, but between here and there, we have the $200 level offering support, so I think any short-term pullbacks open up the possibility of buying a little bit of value.

The market rallying from here, I think, opens up the possibility of a move to the $240 level. Anything above there, then you are looking at the $270 level. I have no interest whatsoever in shorting this market. I think we have a serious attempt to try to keep an uptrend going. I just don’t have any interest in shorting microchips. I understand that they are a little volatile right now, but they will be part of the story for 2026.

For a look at all of today’s economic events, check out our economic calendar.