Of all the "Magnificent Seven," Nvidia continues to be the most magnificent of them all in my eyes. There are few reasons for this. First, NVDA has truly astonishing fundamentals, with both accelerating earnings and sales. Not only that, Nvidia produced monster numbers its' last two quarters and is estimated to have an extremely profitable year in 2024. This all makes sense given all the interest in AI.
From a technical perspective, Nvidia has been the market leader since the 2022 bear market bottom. Currently, NVDA has a relative strength of 98, meaning it has outperformed 98% of stocks over the past six months. I really like the way NVDA is building out a handle on its' double bottom base. When we zoom into the daily chart, we can see that NVDA has found support near prior resistance with the 20-day ema not too far below. In addition, META and AMZN have been acting extremely well over the past month which is very positive for NVDA and the market on the whole. I will be looking to purchase NVDA should it clear recent resistance.
Risk right. Sit tight.
To learn more about swing trading strategies, stock market trading, and how to trade cryptocurrencies, visit my course page.
Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.