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  • Writer's pictureT. Livingston

NVDA Finds Support At Key Levels

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.


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