AMD Technical Analysis
AMD looks like it is going to jump right at the open on Thursday, and it now looks as if we are trying to get to the $580 level, which we peaked at about a week and a half ago. Ultimately, I think short-term buyers continue to jump in and chase momentum.
And, of course, I think the short-term consolidation area continues to look very much like a market that is going to continue to try to lift off from here. The $450 level underneath, I think, continues to be support.
INTC Technical Analysis
Intel looks like it is going to jump after forming a nice hammer during the Wednesday session, as Thursday looks to open near the $115 level. If that in fact does stick, then it looks like we could go looking towards the $140 level before it is all said and done again, assuming that the overall trend holds.
I have got no interest in shorting Intel, and I think the $100 level will continue to be a psychologically important support level. Anytime we reach towards that area, I think you will have value hunters coming back into the market.
NVDA Technical Analysis
NVIDIA absolutely wrecked the $200 barrier that it faced during the trading session on Wednesday, late in the day, and now we are breaking above the 50-day EMA. It looks like Nvidia might be back. We will just have to wait and see, but I clearly would not get short at this point with a volume spike and a price spike on Wednesday.
I think short-term pullbacks will continue to offer buying opportunities. The $215 level would be the next target; after that, you could be talking about $230. This could be a nice target for those willing to ride the volatility.
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