Nvidia has been on everyone's radar since late 2023. After all, with artificial intelligence starting to shape our lives, it makes sense that a stock like Nvidia would be poised to profit handsomely. Because of this, Nvda has been the number one stock I have focused on for many months now. I bought it in late 2023 and sold it earlier this year. After rallying from $500 to over $950, some may believe that Nvidia's time is finished. However, when we look at NVDA's chart there are a few clues that indicate to me that higher prices are likely to come.
First, after breaking out from a monster base, NVDA was up eleven weeks in a row. That is a clear sign of institutional buying. In addition, since that point, NVDA has held up relatively well with tight action occurring near the 10-week line. Furthermore, NVDA is still the dominate leader in the semiconductor space and its' monster estimates for 2024 are there for a reason.
I will be monitoring Nvidia in the coming days for an appropriate buy point.
Risk right. Sit tight.
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