Nvidia has been the most followed stock of 2024 by far, but that does not mean it still does not have room to run. In fact, when we look at the chart, it is setting up in a classic looking cup and handle base. What's important to note is that both the QQQ and IWM are also carving out similar patterns. While Nvidia does make up 7.5% of the Nasdaq 100, it's good to see other stocks setting up as well. I could definitely see a scenario where traders and fund managers who were caught "flat footed" expecting to market to collapse turn to familiar names like NVDA when looking to gain exposure. I currently own NVDA, but may look to add to my position should it break out in the coming weeks.
Risk right. Sit tight.
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Full Disclosure: I currently own NVDA.
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