NVDA, MU and AMD Forecasts – Chips Looking Soft Early

NVDA Technical Analysis

NVIDIA looks like it’s going to be very soft at the open, as there are a lot of concerns around the world with the war seemingly not ending anytime soon, although we do have a ceasefire still in place.

Interest rates have jumped as a result, and that, of course, works against companies like Nvidia. Ultimately, this is a market that I think, given enough time, probably finds buyers, and we are starting to see indices trying to at least recover, so I think this is a pullback waiting to be bought into.

MU Technical Analysis

Micron looks like it’s going to be a little bit soft, but not as dramatic as Nvidia, as it remains very bullish, and I think this continues to be the story. Anytime this pulls back I think there are a lot of people who would be willing to start buying.

The market remains very widely risk-averse, but I think you’ve got a situation where anytime there’s good news, pretty much everything rises. We are in the midst of trying to turn things around and go to the upside for a longer-term move, but as things stand right now, it looks like we’re just a little bit soft.

AMD Technical Analysis

Advanced Micro Devices a little stretched anyway going into the market, it certainly makes a certain amount of sense that we get a pullback. The $220 level is an area I’d be very interested in if we get that opportunity. To the upside, the $266.50 level was a scene of resistance multiple times in the past.

I think that will be your real fight if we can get above there. Ultimately, this is a market where you are looking for value in the form of pullbacks in order to get involved with a floor just below the $200 level.

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