On Monday, we looked at the trendline and 200-day moving average for AAPL.
Today, we’re going to take a look at Nvidia Corp. (NVDA).
NVDA is a worldwide visual computing company. It makes the very popular graphics processing units (GPUs) and Tegra processors.
The stock has been in a strong uptrend, spiking outside its upper Keltner Channel in early September. The stock has seen some profit taking come in, but has settled at the midline of its Keltner Channel.
Here what the daily chart of NVDA looks like:
The consolidation at the midline of the Keltner Channel tells us NVDA will soon make its next move. While the trend is up, we want to wait and see on which side the break occurs. A break higher would target the upper Keltner Channel, while a break lower would target the lower Keltner Channel.
Sounds simple on the surface, but the truth is, it all comes down to the management once the position is on.
Analyst, Chart of the Day