The NVDA market looks a little pressured at the moment, but the overall picture is more sideways than anything else at the moment.
Nvidia has fallen pretty significantly during the beginning of the trading session and now we have to ask questions as to whether or not the market is going to continue to be one that is moving, I think on the latest risk concerns that really have nothing to do with Nvidia. It is more or less about geopolitics at this point. Markets are just selling off overall. That being said, it could provide a buying opportunity for Nvidia. We will just have to wait and see.
Technical Indicators and Future Outlook
We are currently between the 50-day EMA and the 200-day EMA indicators. This quite often is an area where you see a lot of noise, so that is worth paying close attention to as well. With that being the case, I think you have to assume that there is a certain amount of volatility here and I do think this is potentially a buy on the dip situation. But of course, some type of attack in the Middle East could just change everything and at this point in time, the only thing you can do is trust that the market is going to continue to do what it had been doing for months and that is going back and forth.
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The 200-day EMA should be supported. I think ultimately at this point if you wait a couple of days, you might get a really nice entry point. I certainly wouldn't short Nvidia as it is still one of those widely held stocks by passive investors. If we could turn things around and break above the high of the trading session on Wednesday, that opens up the door to the 195 level. All things being equal, I am bullish longer-term, but in the short-term we might have a few hiccups along the way.
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