Can Nvidia Climb a Wall of Worry?
Nvidia has gone nowhere since the summer, but now the chart may be lining up for another push to the upside.
The first pattern is the series of higher lows beginning in early January, plus a new all-time high in February.
Next, the most recent low of around $528 is almost exactly the middle of its four-month range. After consolidation on either side of that line, has it now become support? Interestingly, NVDA had a large, high-volume drop on Thursday to that price area – but there was little follow-through to the downside.
Third, as prices inch back from Thursday's selloff, they’re trying to bounce at both the 50-day and 100-day simple moving averages (SMAs).
Finally, stochastics have dipped toward oversold territory.
The fundamental story is mixed. On one hand, results and guidance crushed estimates last quarter. On the other hand, investors are worried as NVDA’s pending acquisition of Arm hits a series of regulatory hurdles.
Given the strong earnings and broad outperformance in the chip space, will prices now climb the proverbial "wall of worry?"
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
The first pattern is the series of higher lows beginning in early January, plus a new all-time high in February.
Next, the most recent low of around $528 is almost exactly the middle of its four-month range. After consolidation on either side of that line, has it now become support? Interestingly, NVDA had a large, high-volume drop on Thursday to that price area – but there was little follow-through to the downside.
Third, as prices inch back from Thursday's selloff, they’re trying to bounce at both the 50-day and 100-day simple moving averages (SMAs).
Finally, stochastics have dipped toward oversold territory.
The fundamental story is mixed. On one hand, results and guidance crushed estimates last quarter. On the other hand, investors are worried as NVDA’s pending acquisition of Arm hits a series of regulatory hurdles.
Given the strong earnings and broad outperformance in the chip space, will prices now climb the proverbial "wall of worry?"
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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