NVDA, INTC and AMD Forecasts – Chip Makers Look Vulnerable Again

NVDA Technical Analysis

The market for Nvidia looks a little soft here during the trading session on Thursday, as it looks like we’re going to drop towards the 200-day EMA. The 200-day EMA is an indicator that a lot of people will be watching to try to find where the trend and the bottom might be. Underneath there, we have the $170 level.

That, of course, is an area that I think continues to be important. It has been multiple times over the last several months. As long as we can stay above there, we have a little bit of hope, but Nvidia just doesn’t look like it wants to go anywhere right now.

INTC Technical Analysis

Intel is dropping as well. I think Intel could very well revisit the $43 level before it’s all said and done. An area that’s been supported multiple times, we have the 50-day EMA sitting just below the $45 level. That could offer some support also.

That being said, this isn’t necessarily an Intel story. It’s an interest rate story and of course it’s about the war because the war is driving interest rates. As long as there are concerns out there, I think it’s going to be difficult for some of these high-flyers to really get moving. Intel won’t be any different. If we break $43, then we could go looking for $40.

AMD Technical Analysis

Advanced Micro Devices is pulling back just a touch during the trading session here on Thursday in the pre-market. The question is, can we break below the 50-day EMA and challenge $200 again? I think we probably can and it really wouldn’t surprise me if we did.

The 200-day EMA sits right around the $194 level. It has offered a nice support structure over the last month. I anticipate that probably remains. So, we’ll see if this ends up being a buy on the dip opportunity.

That being said, do not try to be the first one to buy it. Let it bounce and get out quickly if it starts turning against you. This is an area where we could see some bottoming occur, but risk appetite right now is such a moving target that it’s very dangerous to simply assume things will happen.