NVDA, INTC and AMD Forecasts – Microchips Look Strong

NVDA Technical Analysis

Nvidia looks like it is going to be a bit positive in pre-market trading, as interest rates in the United States drop a bit. But more to the point, we’ve recently seen it break to a fresh new high and of course the artificial intelligence trade is starting to come back into vogue. So that might be worth watching. Short-term pullbacks I believe continue to offer buying opportunities in Nvidia, and I do not have any interest in shorting this market. The target at this point is probably going to be $220.

INTC Technical Analysis

Intel is going to perhaps break through the stratosphere at this point, as the earnings call was very good, caused a huge gap higher, and the 18A ecosystem looks like it is, in fact, going to be highly sought after, and therefore, forward guidance for Intel is much higher than it once was.

This has been an explosive stock over the last several months, and traders, of course, are quite happy with its performance. I mean, in August of last year, we were near the $18 level. We’re now near the $75 level. This is an amazing turnaround and at this point in time I think your biggest fear is chasing it.

You clearly would like some type of pullback, maybe closer to the $90 level, but at this point Intel is certainly a one-way trade.

AMD Technical Analysis

Advanced Micro Devices looks like it is going to jump a little bit in pre-market as well, remaining in a very bullish trend and looking for the $350 level. This area is more likely than not going to be psychological resistance, if that.

Keep in mind the earnings call is next week after the bell on Tuesday, so we may get a little bit of squirrelly and choppy action between now and then, but all things being equal, you have to look at any pullback in AMD as a potential opportunity to buy a stock that is obviously strong.

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