Daily Stock Report

Nvidia Corp. - (NVDA) - October 27, 2021 

Chip maker Nvidia* Corp. (NVDA) has consistently been trading near the top of the Green Favored Zone in the SIA S&P 500 Index Report since June. Yesterday, the shares climbed 4 spots to 13th place.

Nvidia Corp. (NVDA) staged a major breakout yesterday. For the last two months, the shares have been trending sideways between $200.00 and $230.00, consolidating a spring/summer advance. Yesterday, the shares gapped through resistance to a new all-time high on a jump in volume, competing a bullish Ascending Triangle pattern, signaling a surge in investor interest, and confirming the start of a new advance.  

The shares approached the $250.00 round number yesterday.  A measured move from the triangle suggests potential upside resistance near $260.00, then $290.00 on trend. Initial support moves up to the $230.00 breakout point from $225.00. 

*Shares of Nvidia are held in some portfolios managed by SIA Wealth Management.

A major breakout is underway in Nvidia* Corp. (NVDA) shares. Yesterday, the shares blasted through $230.00, completing their second bullish Triple Top in the last two months, and their fourth High Pole of the year to date. This action indicates that the shares’ long-term upward trend has resumed coming out of a common consolidation phase. 

Vertical and horizontal counts suggest potential upside resistance near $268.35, then $308.25 on trend, along with potential round number tests near $275.00 and $300.00. Initial support appears near $224.55, where a 3-box reversal and a retest of the recent breakout converge near the $225.00 round number.   

With a bullish SMAX score of 9, NVDA is exhibiting strength against the asset classes. 

*Shares of Nvidia are held in some portfolios managed by SIA Wealth Management.

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