Big tech stocks have been snoozing since their frenzied peak in early September. But yesterday, one of the biggest names showed signs of waking up.
Nvidia traded down to $518.89, under Friday’s low. It also traded up to $536.50, slightly above Friday’s high. That’s a bullish outside day, a potential sign of buyers getting active.
The low was also noteworthy because it occurred along a trendline running along NVDA’s lows since early September.
Stochastics were also oversold near the bottom of the range but are now climbing.
Third, current prices are right on top of the 50-day simple moving average (SMA) and 21-day exponential moving average (EMA). Trending stocks have a tendency to move away from their moving averages when the trend resumes.
NVDA’s fundamentals have also been strong, with earnings and revenue beating on November 18. It drifted along with other big tech stocks, but the Nasdaq-100 has recently tried to break out. Will the bulls look to NVDA next?
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Another good chart, guys. The stock has indeed more room to extend it's upper movement 'till at least 590 zone. The additional crosses of the MA's will confirm the uptrend is continuing.
Good analysis.