There is one stock that has the market’s full attention, especially with the popularity of AI-based products taking off. Well, how are you going to power all these new AI products? Semiconductors, of course, and there may be no bigger player in the industry than Nvidia (NVDA).
After their monster earnings report they just released, we got a bit of a sell off down to the 450 level. However, price bounced on 450 almost exactly and is now on its way to 500 after breaking through 480, which was the previous level of resistance.
in addition to this bullish move up through resistance, there is a push in momentum for the stock which could propel prices even higher. As the premier stock in the market right now, if NVDA can catch fire here once again, not only will this stock presumably reach higher prices, the market will likely follow its lead.
After the day we had on Tuesday, keep this stock on high alert for a long play. If we were able to get a pullback, that would only affirm a long position on the stock for traders and investors alike. If this trade is too much for you, keep an eye on the rest of the technology sector as well.
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Good Luck With Your Trading!
Christian Tharp, CMT
This post was originally published on Wealthpop