NVDA, AMD and INTC Forecast – US Chips Pull Back in Premarket Trading

NVDA Technical Analysis

Nvidia looks as if it is going to pull back just a bit at the open here on Thursday as the market has gotten a little bit overdone to the upside. That does make a certain amount of sense. After all, gravity comes back into the picture sooner or later. And at this point, I think short-term pullbacks probably offer buying opportunities all the way down to about $120 a share. To the upside, I see some resistance near the $142 level, and then again, near $150. I am bullish, I just think we’re a little overdone.

AMD Technical Analysis

AMD looks as if it is going to pull back a bit as well, which makes a certain amount of sense considering that we failed at the 200 day EMA during the previous session. But I don’t necessarily think this is a market that is going to suddenly fall apart. I think it’s more or less a market that’s going to pull back, find buyers and continue to the upside.

We are starting to see a nice recovery across the board with a lot of tech related companies. And I do think AMD is going to join that party, especially as we have seen a major trend line broken to the upside.

INTC Technical Analysis

Looking at Intel, it looks like we are going to pull back just a bit in the early hours as well, as we continue to play around in this basing pattern. I think this is a market that eventually does take off to the upside, but it’s more of a buy on the dip situation as you’re building an accumulative position for longer term trading. If we could clear the $26 level again, I think that could open up a big move to the upside.

But right now, I think we’re more likely than not going to just bounce around in this general vicinity as we are trying to sort out what to do next in a market that, quite frankly, has potential to make people quite a bit of money from a longer-term standpoint. But right now, it’s just back and forth.

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