Nvidia: Next Leg Coming?

12월 4일

Nvidia has been mostly quiet since the summer, but some traders may think another move to the upside is coming.

The first pattern on today’s chart is the August high of $131.26. NVDA broke above this level in the first of October and then pulled back to test it in three different weeks. Has old resistance become new support?

Second, the 50-day simple moving average (SMA) recently converged with the 100-day SMA and is now pulling away. That may suggest its longer-term trend is getting bullish after a period of neutrality. (The activity also resembles patterns in late 2023 and early 2024 before the chip giant doubled.)

Third, stochastics are rebounding from an oversold condition.

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