NVDA, INTC and AMD Forecast – Microchips Slightly Negative Early on Monday

Nvidia Technical Analysis

The outlook for Nvidia for the day is slightly negative but quite frankly, I don’t think it has anything to do with Nvidia at all, as the overall market is pulling back. There are some questions about the Department of Justice actions against Jerome Powell, which has nothing to do with Nvidia, but it does have people a little bit nervous.

Nonetheless, this is a market that has been rangebound for a while, and you see it in the middle of the range. So the closer we get to the bottom of the range near $170, the more interested I become in buying any bounce that appears. If we turn around and take out the $195 level to the upside, that would be a very bullish sign indeed.

Intel Technical Analysis

Intel is going to pull back just a bit in premarket trading, but quite frankly, it should, as it had a 10% day on Friday. The market is likely to continue to favor buy on the dip behavior, and as a breakout like this occurs with fairly strong volume, that means somebody cared and that’s what you’re looking for.

Somewhere near $42, we could see an opportunity. We’ll just have to wait and see. That’s assuming we even drop that far. Clearly, you cannot short this market, it is far too strong at the moment. With that being the case, I don’t have any interest in trying to fight any of this. I think we do go much higher, and we continue this somewhat saw tooth but positive trend that we have seen.

Advanced Micro Devices Technical Analysis

Advanced Micro Devices looks a little soft as well, but it’s sitting just above significant support, not only structurally but psychologically, in the form of $200. Because of this, I think we probably see this one perhaps turn things around quicker than the other two, at least that’s my hope. If that happens, then it probably has somewhat of a cascading effect.

If we do fall from here, the 200-day EMA is at the $181.81 level, and that could be an area where buyers become interested as well. Either way, I don’t see anything worth shorting here. I just think you have to be a little bit patient to see the upward trajectory reassert itself.

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