NVDA, INTC and AVGO Forecast – Tech Stocks Attempt to Rally into New Year

NVIDIA Technical Analysis

NVIDIA is looking a little bit positive in premarket trading on Wednesday as it looks like the 50-day EMA is trying to offer a bit of support. If we can go to the upside, then I think we go looking at the $200 level. The $200 level is a large, round, psychologically significant figure and an area that I think makes for good headlines.

Let’s be honest here, as long as there’s artificial intelligence in the mindset of the markets, there will be NVIDIA. So with this, I like the idea of buying short-term dips and taking advantage of them for value. I do fully anticipate that NVIDIA eventually breaks out to the upside.

Intel Technical Analysis

Intel looks like it’s going to jump a little bit at the open, and it’s probably worth noting that the $38.50 level above has been like a fulcrum or a magnet for price. And the fact that we pulled back from there during the session on Tuesday is not a huge surprise, but I think we probably break above there and go looking toward the $44 level.

Short-term pullbacks at this point, I think, see support at $34, but overall, this is a market that shot straight up in the air, and now it’s been working off some of that froth. We’ll have to see how it goes from here, but I would not get short.

Broadcom Technical Analysis

Broadcom looks like it’s going back and forth in early premarket trading. We are sitting just below the 50-day EMA, so maybe that has a little technical influence. But below, we have the $320 level, which has acted like a floor since September. I expect it probably still will. If we can close above the 50-day EMA on a daily chart, I think at that point then you start talking about reaching towards the highs again, obviously with an eye on $400.

I don’t have any interest whatsoever in shorting this market and I think you have a situation where dips do offer value. It will probably move with the overall attitude of technology and the Nasdaq itself.

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