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Asset Watch

Board NVIDIA’s gravy train?

Thursday, August 31, 2023

After NVIDIA’s second-quarter earnings smashed expectations on Aug. 23, the stock enjoyed a major overnight rally that was wiped away during the cash trade the following day. Yet, with the AI powerhouse announcing a new partnership with Google on Aug. 29, the good news continued. CEO Jensen Huang said:
“We’re at an inflection [sic] point where accelerated computing and generative AI have come together to speed innovation at an unprecedented pace. Our expanded collaboration with Google Cloud will help developers accelerate their work with infrastructure, software and services that supercharge energy efficiency and reduce costs.”
The announcement supercharged the stock on Aug. 29, so should we expect the momentum to continue?

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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