Semiconductor Forecasts – Bullish Momentum Sparks Tech Takeoff

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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