NVDA, PLTR and BABA Forecast – Major Stocks Look Mixed in General

NVDA Technical Analysis

Nvidia looks like it’s going to rally after the overnight earnings call, which does make sense. Everything came out better than I anticipated. And of course, Nvidia had been falling pretty significantly into this announcement. So, with that being said, it does look like NVIDIA is going to try to open up near the $135 level and perhaps try to go even higher from there.

All things being equal, NVIDIA of course is a loved stock and considered to be one of the darlings of Wall Street. And the fact that we had bounced from just above the 200-day EMA, all of that comes together to make Nvidia a market that I think a lot of people will be watching closely.

PLTR Technical Analysis

Palantir looks like it is trying to open up a little bit higher than it closed during the previous session. It’s probably worth noting that over the last couple of days, we have finally filled that gap from the earnings call on the third of February, and now we sit right at the 50 day EMA. It does make a certain amount of sense that we would bounce from here, and if we bounce from here, we probably go looking toward the $100 level, maybe even the $110 level pretty quickly.

Otherwise, then we have to watch the $80 level because if Palantir were to break down below $80, that would be a fairly negative turn in events rallying a little bit pre-market, but it is so overextended here, I am very nervous about trying to chase the trade.

BABA Technical Analysis

This is a market that the best thing that you can see is some type of pullback, perhaps towards the previous swing high at right around $118.50. I don’t know that we’re going to get that, but I do think at the very least, we need to go sideways for a while because of the parabolic nature of Alibaba over the last several weeks. Again, I wouldn’t short this market, I just would be cautious about chasing it all the way at these significant lofty levels.