NVDA, INTC and AMD Forecasts – Chip Stocks Bouncing Early

NVDA Technical Analysis

Nvidia looks like it’s going to jump at the open here on Monday, as word has gotten out supposedly that the Americans and the Iranians are speaking to each other. But we’ll have to wait and see whether or not that is a thing because, quite frankly, the Americans claim it’s been happening, the Iranians claim it has not, and now we’re starting to get word from the Turks that maybe they’ve been passing messages. It’s not really clear as I do this analysis.

But when you look at the chart, you can see clearly that the 200-day EMA looks to be offering support and it’s probably worth noting that the $170 level is the bottom of the overall range that we’ve been in.

So, I suspect at this point in time this can be thought of more or less as a bounce from the bottom of the range. I like Nvidia. I do think Nvidia eventually goes higher, but this has been a miserable place to be since September, maybe October of last year as we’re just chopping.

INTC Technical Analysis

Intel looks like it’s going to jump as well and again it’s a stock that was at the bottom of its range. So, I don’t know how much I read into this other than perhaps a reaction to the headlines in a situation that should have been somewhat positive anyways.

So, all things being equal, this move makes sense. Is it the beginning of something massive to the upside? I don’t think so, but I could see this market heading towards the $49 level.

AMD Technical Analysis

Advanced Micro Devices looks like it’s going to challenge the 50-day EMA right away and this is probably the one that I think has the most upside as a move towards the $230 level would just simply fill the gap that we formed a couple of months ago.

Keep in mind, unfortunately, this is a market like many others that will be moving on the latest tweets and headlines coming out of the administration and the Iranian regime as to how the war is going or progress in talks. It has nothing to do with AMD other than the risk premium of stocks in general, but this is a place we should have bounced from and I think that’s the story with all 3 of these stocks.