Interesting Technical Analysis finding for NVIDIA CORP (NASDAQ:NVDA)

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.

Zooming in on the technicals.

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.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• Looking at the yearly performance, NVDA did better than 98% of all other stocks. On top of that, NVDA also shows a nice and consistent pattern of rising prices.
• NVDA is part of the Semiconductors & Semiconductor Equipment industry. There are 109 other stocks in this industry. NVDA outperforms 100% 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 116.56 - 136.15 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.

Our latest full technical report of NVDA contains the most current technical analsysis.

How do we evaluate the setup for NASDAQ:NVDA?

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.

How to trade NASDAQ:NVDA?

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.

Disclaimer

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.