NVIDIA Corporation (NASDAQ:NVDA) stock is back to flying higher
On Tuesday, Citron Research put out a note listing 10 reasons why Nvidia should be a $200 stock by April. That follows Nvidia’s unveiling of its new line of gaming cards, in what represents its core business, with shares finishing up 1.2% on Monday. That’s on the heels of a 4.9% decline on Friday following earnings that showed a drop in cryptocurrency mining sales.
While the S&P 500 index touched an all-time high on Tuesday, Nvidia shares last touched an all-time high of $269.20 on June 14.
Among Citron’s plethora of reasons for forecasting a downward turn in Nvidia shares, the firm points out that there’s an all-time low in short interest on the stock. Additionally, the firm cites customers that are building their own AI chips, and concerns that Nvidia is no longer beating expectations handily.
According to FactSet data, only one of the 37 analysts who cover Nvidia currently has a sell rating in place.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 249.75.
The projected upper bound is: 276.43.
The projected lower bound is: 249.22.
The projected closing price is: 262.82.
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 27 white candles and 22 black candles for a net of 5 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 64.5013. This is not an overbought or oversold reading. The last signal was a sell 8 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 59.35. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 71 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 75. This is not a topping or bottoming area. The last signal was a buy 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 3 period(s) ago.
Rex Takasugi – TD Profile
NVIDIA CORP closed up 9.500 at 262.820. Volume was 73% above average (neutral) and Bollinger Bands were 28% narrower than normal.
Open High Low Close Volume___
252.000 263.020 251.860 262.820 18,746,422
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 255.41 251.59 234.19
Volatility: 43 35 45
Volume: 15,290,361 9,789,351 13,385,039
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
NVIDIA CORP is currently 12.2% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of NVDA.O at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on NVDA.O and have had this outlook for the last 14 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.
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