NVDA, INTC and AMD Forecast – US Chips Drift Lower in Premarket

NVDA Technical Analysis

Nvidia looks like it may open up a little bit soft during the trading session here on Friday, as pre-market trading has been a little bit negative. That being said, we are hanging around the 50-day EMA, and this, of course, is a technical indicator that a lot of people will be paying attention to. The $170 level is an area of potential support. And I think ultimately you have to look at that through the prism of a little bit of market memory. Keep in mind that the jobs report came out much weaker than anticipated and traders are probably going to be looking at that as a potential reason yet again that the Federal Reserve will cut rates, so technological stocks might actually do reasonably well before they’re all said and done.

INTC Technical Analysis

Intel looks like it’s going to open up a little bit soft, but really at this point in time, we are still in the middle of consolidation, and we are getting ready to see a Golden Cross with the 50 day EMA getting ready to cross the 200 day EMA. We have been in a range for quite some time, and we are getting close to the top, which would be basically $26. If we can break above that area, then the next target could be $28. But right now, I think we’re just going to continue to consolidate and make a lot of noise.

AMD Technical Analysis

AMD looks as if it will drop at the open as well, but quite frankly, this is a situation where we’ll have to wait and see whether or not the 50-day EMA holds as support. The $160 level has been broken to the downside, so we may have a little bit further to go, but I’d be interested in seeing how the $150 level is also going to act as it is the scene of a major gap, and of course, it’s a large round psychologically significant figure. This market, of course, had been very bullish previously, so a little bit of a give back really wouldn’t be the end of the world here, as we had gone straight up in the air since April. If we rally from here, pay attention to $165 and then $170 as potential targets and as potential resistance.

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