NVDA, SMCI and AMD Forecast – Chip Stocks Look to Build on Momentum

NVDA Technical Analysis

Nvidia is expected to open a bit soft on Thursday, yet it’s encountering considerable resistance at the $143.50 level directly overhead. Despite this, we’re still seeing buyers step in on dips, suggesting an eventual breakout attempt. The question, of course, is when. Right now, it just doesn’t seem to have momentum.

SMCI Technical Analysis

Super micro computer looks like a pretty much flat open here as we sit just above the crucial 200 day EMA, with the $50 level above offering a bit of resistance. We’ve been in an accumulation pattern for quite some time. So, this is something you’re going to have to be very patient with. Short-term pullbacks have been reliably bought all the way down to the $25 level. So, you do have to recognize that it is well-supported, but having said that, it’s quite a bit lower than here. If we can clear that $50 level, we could make a move towards the recent spike high at the $65 level.

AMD Technical Analysis

Advanced Micro Devices looks like it’s going to threaten the 200 day EMA yet again on Thursday as we continue to press up against it. It’s going to open just slightly higher than it closed during the previous session. So, I think at this point in time, we are looking at a potential breakout. But again, we have non-farm payroll on Friday. So, it’ll be interesting to see how many people are willing to pile into the stock market.

If we do get a little bit of a risk on type of move, that might be enough to throw AMD back over the 200 day EMA and send it towards the $140 level. Short-term pullbacks should be supported underneath near the $110 level and the 50 day EMA, since it is just below there. So, I do think there is support. There has been rising volume here and there along the way. So that also gives me another reason to think that perhaps AMD is in the process of turning things around.

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