AMD, MU, NVDA - short term weakness

Whilst the main market settled broadly weak, there was more significant weakness in semiconductor stocks, with Advanced Micro Devices (AMD), Micron Technology (MU), and Nvidia (NVDA) settling -4.8%, -2.4%, and -3.3% respectively. Near term outlook offers further weakness into early July.


AMD, daily

MU, daily

NVDA, daily

Summary

Suffice to add, it was a very bearish day for tech stocks, especially those involved with producing CPU/GPUs.

Near term targets...

AMD - the 12.00 to 11.50 zone.
MU - 30.00/29.50.. where the 50dma is lurking
NVDA - the 50dma, 135/34

Even if the lower end of those targets are hit, it will do ZERO damage to core rising support/trend, that stretches back to early 2016. 

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For the record, I'm especially bullish Micron Technology, on a pure valuation basis. Earnings - as issued in AH, were better than reasonable. Once the main market floors, whether sp'2400.. or 2350/40s... MU is a valid term buy.

yours.. running on a very efficient Nvidia GPU.