Nvidia looks like a market that will be moving soon, and quite frankly, it’s about time. With the GTC Conference starting today, a headline should get this stock moving.
Nvidia (NVDA)
Nvidia does look quite a bit stronger during the trading session on Monday, up well over 2% and now threatening the 50-day EMA.
The question of course is whether or not it can take out the 50-day EMA and perhaps go looking at the $190 level followed by the $195 level. Anything above $195 almost certainly unleashes a FOMO type trade.
Support Levels and the GTC Conference
But I think really what we have here is likely to be a situation where traders come in and buy the dip. That does make a certain amount of sense because almost everybody owns Nvidia if they have any type of retirement account; there is almost certainly some managed money holding the stock.
The 200-day EMA sits at the $173.58 level and is rising. I think that could be dynamic support. Underneath there we have the $170 level which is solid support. As long as we stay above the $170 level, this is a market that I think eventually goes much higher although it may take a while to get there.
The last several months we have seen absolutely nothing come out of the stock as far as price appreciation is concerned. We have basically been bouncing around in a $25 range. It is worth noting that the GTC conference starts today and that of course there is a lot of what traders might be watching to see what Nvidia is going to be doing next.
So, we could see an erratic move in one direction or the other. Quite frankly I think if it does dip you are probably looking for buying opportunities.