In-Depth Technical Analysis of NVIDIA CORP.

Our stock screener has flagged NVIDIA CORP (NASDAQ:NVDA) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NASDAQ:NVDA for potential movement.

Deciphering the Technical Picture of NASDAQ:NVDA

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Taking everything into account, NVDA scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, NVDA is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, NVDA did better than 98% of all other stocks. We also observe that the gains produced by NVDA over the past year are nicely spread over this period.
• NVDA is part of the Semiconductors & Semiconductor Equipment industry. There are 107 other stocks in this industry. NVDA outperforms 98% of them.
• NVDA is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so NVDA is lagging the market slightly.
• In the last month NVDA has a been trading in the 117.01 - 140.76 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.
• Volume is considerably higher in the last couple of days.

For an up to date full technical analysis you can check the technical report of NVDA

Looking at the Setup

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NASDAQ:NVDA is 8:

Besides having an excellent technical rating, NVDA also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 125.55, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for NVDA in the last couple of days, which is a good sign.

How to trade NASDAQ:NVDA?

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.