NVDA, TSLA and BABA Forecast – Mixed Bag of Stock Premarket

NVDA Technical Analysis

NVIDIA looks like it’s going to open just a bit higher in the $133.50 range, as NVIDIA is also dancing around the 50 day EMA. At this point, the question is whether or not we can continue to go higher, especially as there are a lot of concerns right now about AI and whether or not it will need the higher end chips that Nvidia produces.

All things being equal, it does look like traders are trying to come back to this, but this is also an area where I can very easily see the market rolling over. I suspect that if you want to start buying Nvidia, you probably need to wait to see if it pulls back a little bit in order to find a little bit better price. If we do continue to break higher, the $142 level could be your target, as it would be the market filling the gap.

TSLA Technical Analysis

Tesla is up in pre-market trading after getting hammered on Tuesday, as there are a lot of concerns about whether or not Elon Musk is too distracted to run the company. This is something that comes up from time to time and has always been a buying opportunity, so it’ll be interesting to see how this plays out. Recent earnings were down, but I’m also seeing videos of Cyber Taxi is actually working in San Francisco as a demonstration.

So, this is probably a buying opportunity. It’s just that you will have to be very cautious with it. The Fibonacci study does suggest that the 61.8% Fibonacci retracement level underneath somewhere near the $320 level could be a floor as well. But regardless, it does look like people are willing to step in and start buying Tesla and pre-market trading at least.

BABA Technical Analysis

Alibaba in pre-market trading is trying to break out to a fresh high. It’s not an all-time high, but it’s the highest it’s been in a couple of years. If it does, in fact, break the $120 level, it’s likely that Alibaba will really start to take off. And I think ultimately you would have a situation where traders will probably pile into this stock. That being said, earnings will be reported on Thursday of next week. So, this might be a situation where we are just going to hang out in this relatively elevated area until we get clarity out of that call.