Tech stocks are leading the way higher in trading today, with semiconductor shares among the strongest performers. Nvidia is currently up 2.56%, Micron is up 6.20%, Intel is higher by 3.25%, and AMD is gaining 2.64%. All of those gains are all of those gains are higher than the average is with the NASDAQ index up 0.68% and the NASDAQ 100 up 1.0%
In the video above, I take a technical look at each of these chip stocks and break down what today’s price action is telling traders about the bias, the risk, and the potential targets.
For traders looking for opportunities, the technicals help identify key levels where buyers or sellers may take control. They also provide low-risk levels to lean against, allowing traders to define their risk while identifying the targets that could come into play if the momentum continues.
A brief overview shows:
- Nvidia shares trading back within a swing area between $221.76 and the $224.76. . Staying above $221.76 would be more bullish. Move below and there could be some disappointment for the buyers.
- Micron shares are higher by over 6% in trading today and the move has taken the price back above the 200 hour MA at $910.04. The price is trading near $922 currently. If the price can stay above that MA, it would keep a bias shift more in favor of the buyers and have traders looking toward the hghs from July starting at $1011 and moving up from there.
- Intel shares are trading up 3.25% and that rise has taken the price above its 200 hour MAat $101.42. If the price can stay above that MA, it would shift the bias more in favor of the buyers. Move back below and the technical bias is more neutral with support at the 100 hour and 100 day MAs near $96.
- AMD shares are trading up 2.64% after testing its 100 hour AM at $488.11. If the price can extend above the 100 hour MA it would be a positive shift for the buyers with the 200 hour MA at $309.68 as the next target. Stay below, and the buyers are still not winning (sellers still in control). Key barometer at the 100 hour MA for both buyers and sellers.
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This article was written by Greg Michalowski at investinglive.com.