I remember NVIDIA from when I was a young kid... NVIDIA, Intel, AMD as they made the chips and graphic cards for all of our playing/gaming... Those days.
See how things converge, now NVIDIA is intertwined with Cryptocurrencies and once again this is our playground, with Cryptocurrencies we work and play.
NVIDIA Corporation (NVDA) Weekly Chart Analysis
There is a very strong bullish bias fully confirmed on this chart.
The classic signals go as follow: - Trading above EMA50, EMA10 and MA200. - Very strong RSI on a high timeframe. - Multiple consecutive weeks of bullish action/green candle close.
Back in March 2020 NVDA produced a V shaped recovery and bounced right off the MA200 line. This lead to a strong bull-run.
Now, in October 2022 NVDA produced a V shaped recovery bouncing right off the MA200 line. Closing above 174.16 opens the door for additional growth.
What's more: - We have a perfect 5 wave abcde correction preceding the current bullish action. - The low also ended exactly at a -9 on the TD Sequential. - The low/support also matches perfectly the 0.786 Fib. retracement level relative to the bullish wave from March 2020 to November 2021.
All these signals are telling us that a cycle is complete. That support is strong.
this is by far the biggest bubble in the history of the stock market. more overhyped than the bible.
market is pricing in for nvda's to develop warp drives, conquer the galaxy, develop the serum for eternal youth, develop time machines. and many other things. because nvda needs to do all of that and more, to justify this tulip-dotcom-crypto-subprime mortgage-nifty fifty bubble valuation.
I'm going to wait on NVDA. 2023-03 may be a lower price. It would be nice to check the Q4 2022 and Q1 2023 economic data.
stse69
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@day0 Smart move, I suspect that it'll be below $75 by that time. We are rolling over over right now. if inflation comes in hot next week we could easily see 130s. We haven't even see the effects of the interest rate hikes yet.
day0
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@stse69, Spring time sadness too (thousands of armored vehicles & troops mobilizing already). 2023-02-23 ( infamous # 322 backwards) 2023-03-22, but mostly it's the time wars in colder climates heat up (spring time).
heavy_assault
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@stse69, rate hikes have greatly affects pc demand, you can see that in nvda's gaming segment. now nvda's gaming segment is just another name for crypto, and rate hikes have already CRASHED crypto, plus eth proof of stake has killed gpu demand.
the thing to roll over, and it will, is nvda's DC segment. the DC sector has gone parabolic in the recent 5-6 years, DCs are the most overhyped sector by far (makes EVs look like a hated sector), and enterprise spending will take a sharp downturn as consumers drain their bank accounts. microsoft/amazon/google already reported slowing cloud growth. watch nvda's Q4, their guidance for 2023 Q1 on DCs, it's going to take a sharp rollover. they already missed DC revenue forecast for Q3, only 1% over Q2. soon it'll be very negative %.
gaming is NOT coming back for nvda. any gamer knows gaming was all crypto and crypto isn't coming back, plus gamers hate ngreedia's price gouging tactics, not to mention purposely mislabeling 4070 as 4080 12gb, for cash grab. gamers are turning to amd more and more.
the market is pricing for nvda's eternal dominance in DC AI chips. they'll be in for a rude awakening. you can do some research yourself. nvda will slowly lose their market share as application specific chips are being developed by various competitors.
seriously, DC/AI is by FAR the most overhyped sector, and nvda is the poster child of this sector. nvda makes tesla+apple+microsoft+google+amazon all added together look like a penny stock filing chapter 11, that's how overpriced and overhyped nvda is.
market is pricing in for nvda's to develop warp drives, conquer the galaxy, develop the serum for eternal youth, develop time machines. and many other things. because nvda needs to do all of that and more, to justify this tulip-dotcom-crypto-subprime mortgage-nifty fifty bubble valuation.