Nvidia Corp. - (NVDA) - April 16, 2021
So far this month, chipmaker Nvidia (NVDA) has climbed up from the red zone into the Green Favored Zone of the SIA S&P 100 Index Report. Yesterday the shares finished in 16th place, up 6 spots on the day and up 55 spots in the last month.
Nvidia (NVDA) shares have staged a major breakout this week, decisively blasting through the top of a six-month trading range to a new all-time high on increased volume. This move signals that a six-month sideways consolidation trend is over and a new uptrend is underway.
Based on measured moves from the recent trading range, next potential upside resistance appears near $725.00 then $765.00, with the $750.00 round number in between them. Initial support appears near the $600.00 round number and breakout point.
Coming off a strong high pole advance last summer, Nvidia (NVDA) shares spent six months in consolidation mode. Starting in October, the shares began slowly trending back upward but it took a downturn in March to flush out the last of the sellers. In recent weeks, the shares have embarked on a new upleg, rallying up to a new all-time high and completing a bullish Double Top pattern.
Based on vertical and horizontal counts, next potential upside resistance appears near $695.20, $737.50 and then close to the $800.00 round number. Initial support appears near the $600.00 round number, then $593.25 based on a 3-box reversal.
With its bullish SMAX increasing to 9, NVDA is exhibiting near-term strength against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.