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Asset Watch
Thursday, August 31, 2023
NVIDIA’s robust 2023 rally has culminated with higher highs and higher lows throughout the festivities. And with the 10-week moving average largely acting as support and resistance, the key level should be on your radar.
The chipmaker found support near the 10-week MA in March and May. Moreover, after a breakdown occurred three weeks ago, the level became resistance, as an intraweek rally above it was rejected and the stock closed below the battle line. That said, NVIDIA closed above the 10-week MA last week, and it acted as support this week when the stock dropped below $450 on Aug. 28.
As a result, is ‘buy high, sell higher’ the right strategy if NVIDIA remains above its 10-week MA?
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