NVIDIA was the undisputed champ of 2016, racking up gains of nearly 300%. Following up on that outstanding performance is going to be quite a hefty task. Many analysts believe much of its future earnings were rolled up in those gains, so even if the company beats earnings, the stock price might not move much. On top of that, 2017 has been a struggle so far, marked by downgrades and high volume selloffs.
However, we may be seeing some daylight now, with strong turnover and a possible push over some very stiff resistance. A double top is in place now, with resistance sitting around its all-time high of $120. The MACD just turned to a strong buy signal, and the stock shows a good trajectory upwards. Relative strength is impressive, and the recent gap has been nearly filled. I think NVIDIA will move up and out to challenge those old highs very soon.
NVIDIA (Nasdaq:NVDA) Video Chart Analysis
Take a deeper dive into the chart action on tech stock Advanced Micro Devices Nasdaq: NVDA and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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About NVIDIA
NVIDIA Corporation operates as a visual computing company worldwide. It operates in two segments, GPU and Tegra Processor. The GPU segment offers processors, which include GeForce for PC gaming; GeForce NOW for cloud-based game-streaming service; Quadro for design professionals working in computer-aided design, video editing, special effects, and other creative applications; Tesla for deep learning, accelerated computing, and general purpose computing; and GRID for cloud-based visual computing users. The Tegra Processor segment provides processors that integrate a computer onto a single chip under the Tegra brand name; DRIVE automotive computers, which offer self-driving capabilities; and tablet and portable devices for mobile gaming and TV streaming under the SHIELD name. The companys products are used in gaming, professional visualization, datacenter, and automotive markets. It sells its products primarily to original equipment manufacturers, original device manufacturers, system builders, motherboard manufacturers, add-in board manufacturers, and retailers/distributors. NVIDIA Corporation was founded in 1993 and is headquartered in Santa Clara, California.
