- Nvidia rallied to bit during the trading session on Friday, as it looks like we are trying to do everything we can to rally.
- At this point in time, I think there are a couple of levels worth paying attention to, but it’s also worth noting that Nvidia is part of almost every passive investment at this point in time, and the AI trade is something that people continue to throw money at hand over fist.
Technical Analysis
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The technical analysis for this stock is obviously bullish, as traders continue to look for buying opportunities. The 50 Day EMA has offered support all week, and it’s probably worth noting that there is a nice uptrend line there as well. We did plunge rather drastically from the high price last week and then spent most of this week trying to find some type of bottom. If we can break above the $185 level, then it opens up the possibility of a bigger move toward the $195 level, where we had plunged from. If we can break above there, then the market is likely to go looking to the $200 level.
On the other hand, if we were to break down below the $177 level, then it’s likely that the market will go looking to the $175 level, possibly the $170 level underneath there. Anything below there would really unravel this uptrend for a while, but over the longer term, it’s probably worth noting that Nvidia continues to be the linchpin of the artificial intelligence trade, and I just don’t see how that changes anytime soon. Ultimately, I am bullish on this market, but I also recognize that we have some work to do as far as building up the necessary momentum, and of course, finding yet another reason to continue to push this market to the upside. If we get some type of calm enough trade tensions, that in and of itself could have the proper “knock on effect” here.
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