NVDA, TSLA and MSTR Forecast – High Flying Tech Stocks Mixed in Premarket

NVDA Technical Analysis

Nvidia looks like it’s ready to rally a little bit, kicking off the trading week on Tuesday with a small gain in pre-market trading. At this point, it looks like Nvidia is just simply trying to get back to the top of the range it had been in, with a lot of support right around the $130 level and a lot of resistance right around the $150 level. All things being equal, it’s very likely that we will continue to see this sideways action play out until we get some type of resolution to the idea of AI chips being able to be shipped around the world.

TSLA Technical Analysis

Tesla looks like it’s ready to jump in pre-market trading and perhaps continue the overall uptrend towards the $500 level over the longer term. It is worth noting that we shot straight up in the air, we pulled back towards the 50-day EMA and have since rallied pretty significantly from there. It looks like Tuesday will just be more of the same in Tesla as the momentum trade continues to send it higher. It is worth noting that the earnings will be on the 29th, so that is coming rather soon.

MSTR Technical Analysis

MicroStrategy looks like it’s going to be down just a touch at the open, but really at this point in time, its fortunes are completely tied in with Bitcoin and in fact, I’m not even sure if MicroStrategy does anything anymore, but buy Bitcoin. Clearly, that’s how Wall Street trades it as a way to get Bitcoin exposure, but at this point in time, one has to wonder about the longevity of that strategy. The earnings call is on the fourth, so it’s got a little bit more time than, say, Tesla.

But really, at this point in time, this is a market that I think you’re just going to have to watch Bitcoin and if you want to own Bitcoin, you might as well own Bitcoin. There are options traders out there looking for a breakout above $450. But right now, it looks like we’ve got some work to do in order to build that pressure up.