NVDA, INTC and AMD Forecast – Stocks Look a Little Soft in Early Trading

NVDA Technical Analysis

The market for Nvidia looks a little soft in pre-market trading as we continue to see a lot of noisy trading in general. The market had gotten a little bit ahead of itself on Nvidia, and I think this pullback ends up offering a nice buying opportunity. I look at any drop as a potential value play. There is a nice uptrending line underneath that will come into the picture, and now that we are well above the $200 level, I would anticipate that the $200 level will probably have a certain amount of market memory attached to it. Ultimately, I think you have to look at it as a buy-on-the-dip market, maybe getting out of the way for a day or two to allow Nvidia to provide a little bit of value.

INTC Technical Analysis

Intel looks like it’s ready to pull back as well. I think somewhere around $38.50, we should see significant support. If we do drop that far, we’ll just have to wait and see. Nonetheless, this is a market that I don’t have any interest in shorting. I think it’s one that’s got further to go to the upside, but we are a little extended. So again, a pullback here offers value that I think a lot of people will be interested in.

AMD Technical Analysis

AMD looks like it is going to open a little lower as well, as we are a little extended. I think a pullback at this point in time could open up a move down to the $240 level and then the $220 level. The 50-day EMA is racing toward the $200 level, and I think that’s the bottom here on any type of significant pullback. All things being equal, though, this is a market that I don’t have any interest in shorting. I think the short-term pullbacks in this market will be just like the other two stocks I mentioned in this video—it ends up being a buying opportunity.

We are a little extended, and really, at this point in time, we also have to keep in mind that earnings are coming here in a few sessions, so that’s probably coming into the picture as well. With all of that being said, I like the idea of finding a little bit of value and will take advantage of it on a drop and then a slight bounce.

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