By Mill Chart
Last update: Jul 24, 2024
Our stockscreener has identified a possible breakout setup on NVIDIA CORP (NASDAQ:NVDA). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NASDAQ:NVDA for potential opportunities.
Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.
Taking everything into account, NVDA scores 10 out of 10 in our technical rating. Both in the recent history as in the last year, NVDA has proven to be a steady performer, scoring decent points in every aspect analyzed.
Our latest full technical report of NVDA contains the most current technical analsysis.
Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NASDAQ:NVDA currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.
Besides having an excellent technical rating, NVDA also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 117.93, a Stop Loss order could be placed below this zone.
A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.
Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.
Our Breakout screener lists more breakout setups and is updated daily.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.