NVDA, AMD and INTC Forecast – Chip Stocks Look Quiet in Premarket on Thursday

NVDA Technical Analysis

NVIDIA looks like it’s going to open up relatively flat during the early hours on Thursday as there’s not a lot out there to move the market right now other than all of the things we know already. It was a really tough day on Wednesday, so maybe a little bit of stabilization is what you can hope for here. It looks like the $100 level did in fact offer a bit of a support level, so watch that level.

AMD Technical Analysis

AMD looks like it’s going to open a little bit to the upside from where it closed during the previous session on Thursday, but this is a market that is so oversold at this point in time that one would think that we might be in the realm of trying to go sideways, trying to find a bit of a floor. A rally at this point in time could send AMD looking to the $100 level, which, of course, is a large, round, psychologically significant figure, but it’s also backed up by the 50-day EMA right now as well.

So, with that being said, I think you could see that happen, but I also think you’re just as likely to see this market go sideways as people try to find some type of basing pattern in AMD to go forward.

INTC Technical Analysis

And finally, Intel looks like it’s going to open the Thursday session down just a touch from the close of the previous session. But at this point, I think you have to recognize that traders continue to see this as a major support level. And with that being the case, it does make sense that we go higher rather than lower from here. But you, of course, will have to be very cautious. You will have to scale into a position perhaps, but it certainly looks like we are closer to the bottom than not.

For a look at all of today’s economic events, check out our economic calendar.