Super Micro Computer
Super Micro Computer (SMCI) shares are gaining momentum after JPMorgan started covering the stock with an “Overweight” recommendation following a recent decline.
The resurgence in SMCI shares is reflected in a 9% increase today, bouncing back from a 30% drop from its recent highs.
The stock is now above its 20-day moving average, known as the “Trader’s Trendline,” which could lead to new highs exceeding $1,250.
AMD
AMD shares are affected by the China Chip War headlines but are trading higher after starting the day lower. The stock is hovering around the $175 level, testing support at the current 50-day moving average.
A break below the 50-day could lead to a drop to $150, while a successful test could push the stock towards $200.
Tesla
Tesla shares, along with other EV manufacturers, are down following a downgrade by Mizuho analysts who lowered their target price to $195. The fundamental headwinds facing Tesla prompted the downgrade, along with downgrades to Nio and Rivian shares.
Despite this, Lucid Motors shares are up after announcing a deal to sell $1 billion of a newly created series of convertible preferred stock via private placement.
For more insights from Chris Johnson, a seasoned analyst with expertise in quantifying investor sentiment, read his full bio here.
