- On Friday the Nvidia stock initially rallied a bit during the early hours here on Friday but then turned around to show signs of hesitation as traders continue to see a lot of questions asked about the extension and expansion of the stock market.
- The non-farm payroll announcement was not released on Friday, so we didn't really have a lot to drive sentiment. That being said, Nvidia has filled a gap from the Thursday open, so one would assume that sooner or later the buyers return, based on the idea of “market memory”. I'm paying special attention to $185 because it was significant resistance previously, and a little bit of market memory comes into play in that general vicinity.
I Remain Bullish
Top Regulated Brokers
I do like Nvidia, I don't like shorting it. And I do look at any move back towards the $185 level as a potential buying opportunity. If we get a little bit of a bounce short term drops and bounces, I think we are going to continue to show signs of value for traders out there. Heading into the weekend, I don't know if you can read too much into this other than we broke out and now we're going to pull back to try to test support. I would love to see Nvidia drop down to the $185 level and then bounce from there so that I can take advantage of cheap stock if that happens. My target at that point in time is going to be somewhere around $200 or so, maybe $205 based on the measured move. Regardless, this is a market where you can only trade in one direction. I think that's pretty obvious at this point, as we remain looking at Nvidia as driving a bulk of the gains in the markets.
Ready to trade our stock market forecast and analysis? Here are the best CFD stocks brokers to choose from.