Two tech names to watch this week other than Nvidia, according to Jay Woods
(PRO Views are exclusive to PRO subscribers, giving them insight on the news of the day direct from a real investing pro. See the full discussion above.) Nvidia will get most of the attention in tech this week, but Micron Technology and Oklo should also be watched, New York Stock Exchange insider Jay Woods said Monday. Micron is set to report earnings Wednesday after the bell, while Oklo is scheduled to post results Tuesday after hours. Both stocks have seen big moves in recent months, putting them near key levels that Woods is watching. “[Micron] is breaking out as we tape this,” said Woods, chief market strategist at Freedom Capital Markets. Investors should watch the $460 level on the stock, he said. “If we can get a close above there, that has momentum going into earnings.” Micron traded around $448 on Monday. It popped more than 5% after announcing it would build a second plant in Taiwan to boost DRAM production. MU 1Y mountain MU 1-yr chart The story is much different for Oklo . The stock has fallen nearly 40% over the past six months and is about 70% below its October high. However, Woods thinks a buying opportunity could materialize. “Watch $55 to $58. That level is an anchored [volume weighted average price] level from its IPO day and from its most recent lows,” he said. “If it breaks $55-$58, watch out. But the risk reward is very favorable to enter this trade. If you have the stomach for it, the stock could reverse easily into the upper 70s, low 80s, if it has good earnings.” Here’s what else Woods is looking at this week: S & P 500 key level: Woods said he’s watching the 200-day moving average on the benchmark index (6,604). He noted the index has traded above that level for more than 200 days. “We’ve been above it 28 times in the past for a 200-day stretch, and once we fall below it, believe it or not, it’s a buying opportunity.” In those instances, “we’re only below it for less than 10 days,” he said. Jensen Huang keynote: The Nvidia chief is set to deliver a keynote speech at the company’s GTC conference later on Monday. His remarks “will move markets,” Woods said, adding that Huang’s comments come as Nvidia stock trades in a tight range. “Watch $170 to the downside. We want that to hold, if tested; hopefully we can get that stock to break out” higher, said Woods.
