Stock of the day: Nvidia
14 August 2024
Remember the buzz around NVIDIA not too long ago? Of course, you do—it was the talk of the town just a few weeks back. However, after the stock split, NVIDIA seemed to slip off the radar a bit. If you’ve been watching the charts, you’ll know that NVIDIA has been in a correction phase since mid-July, with the stock price falling from $135 down to $92—a pretty substantial drop.
But here’s where it gets interesting. From a technical analysis standpoint, this decline appears to have been just a bearish correction. The price action formed a wedge pattern, which finally came to an end yesterday when NVIDIA broke out to the upside. The daily chart shows a strong bullish candle, indicating that the stock climbed steadily from open to close. With the tech-heavy NASDAQ also on the rise, NVIDIA looks primed for a potential new bullish uptrend.
As long as NVIDIA stays above the upper line of that wedge, we’ve got a solid buy signal. The breakout suggests that the correction might be over, and the stock could be gearing up for its next move higher. Keep an eye on it—this could be the start of another exciting chapter for NVIDIA.