Big Levels on Big Tech
Big technology stocks have moved sideways for the last month. Now there could be some important levels for names like Nvidia as investors digest today’s higher-than-expected inflation report.
The main pattern on today’s chart is the March 11 low of $841.66. This level has provided support since the chip giant’s peak on March 8. (It’s also a weekly low.) Closing below it could make traders think about a test of the post-earnings gap on February 22.
MACD has also been falling since mid-March. That could suggest direction has been turning more negative.
At least two other AI-themed stocks may face similar predicaments.
First,
SMCI Super Micro Computer formed a tight range above its March 20 low and a falling trendline. Traders may next eye the February 20 low of $692.50 as potential support.
Second,
AMD Advanced Micro Devices has pushed toward its low from February 21. Traders may next eye around $149, the high in late December and early January before the stock broke out to new record territory.
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Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
The main pattern on today’s chart is the March 11 low of $841.66. This level has provided support since the chip giant’s peak on March 8. (It’s also a weekly low.) Closing below it could make traders think about a test of the post-earnings gap on February 22.
MACD has also been falling since mid-March. That could suggest direction has been turning more negative.
At least two other AI-themed stocks may face similar predicaments.
First,
SMCI Super Micro Computer formed a tight range above its March 20 low and a falling trendline. Traders may next eye the February 20 low of $692.50 as potential support.Second,
AMD Advanced Micro Devices has pushed toward its low from February 21. Traders may next eye around $149, the high in late December and early January before the stock broke out to new record territory.TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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