NVDA (Nvidia) is an exciting stock to be in. Given their processing tech and the ability to branch into many cloud businesses such as gaming, processing, and storage, their technology has become a necessity, and demand consistently exceeds supply.
I got into NVIDIA as a long-term growth play when it was trading at $360. The breakout above previous ATH with volume was an obvious signal to buy, along with STRONG fundamentals and macroeconomic environment making it a recipe for the next rocket.
I don't typically buy into overbought stocks, but with the environment around stocks like TSLA and AAPL making it obvious a tech bubble was forming, it looked like a stock that wasn't getting as much attention yet given the news cycles were sparse, and product launches upcoming in Q4 were going to be great fodder for future growth.
I played it right, and the stock went all the way up to $585, now in a correction pattern.
Based on the Fib extensions and Elliot wave patterns, this is a very healthy growth stock with potential to shatter its ATH in the next 6 months.
Disclaimer: I am not a professional and I draw charts for my own education and keeping track of my trades to know when to get in and when to get out. I'm always open to constructive feedback so feel free to share your thoughts in the comments. Thank you!
After acquisition of ARM you think the bounces you mentioned still valid? I think there will be closer supports.
btgraph
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@ASam_, Acquisition news will have a euphoria effect and there will be the ones who fear of missing out that may end up accumulating at the high levels. Should test very 585-600 soon.
ASam_
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@dupera, so shorting it from today until RSI is above 70 makes sense. But kinda risky. Your thoughts?
@ASam_, Having said that I am not sure if the bounces that are mentioned are valid. Or am I missing something. I am not sure if the patterns have taken the ARM acquisition into account.