NASDAQ:NVDA may be ready to breakout.

We've identified NVIDIA CORP (NASDAQ:NVDA) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NASDAQ:NVDA for further developments.

In-Depth Technical Analysis of NASDAQ:NVDA

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

Taking everything into account, NVDA scores 8 out of 10 in our technical rating. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• When comparing the yearly performance of all stocks, we notice that NVDA is one of the better performing stocks in the market, outperforming 96% of all 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 108 other stocks in this industry. NVDA outperforms 93% of them.
• NVDA is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so NVDA is performing more or less in line with the market.
• In the last month NVDA has a been trading in the 126.86 - 146.54 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

Looking at the Setup

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NASDAQ:NVDA exhibits a 8 setup rating, indicating its consolidation status in recent days and weeks.

NVDA has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 139.41. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 137.37, a Stop Loss order could be placed below this zone.

How can NASDAQ:NVDA be traded?

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.

More breakout setups can be found in our Breakout screener.

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.