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Asset Watch
Tuesday, September 6 2022
For context, NVIDIA’s 900-day moving average doesn’t appear very often. But when it does, investors are often keen to buy the dip. In 2018, 2019 and during the March 2020 lows, the 900-day MA is where the crowd turned bullish. Likewise, the stock rallied off the 900-day MA intraday on Sep. 1. Therefore, with the key level only 3% below the Sep. 2 close, the stock’s short-term fate should be decided soon.
NVIDIA’s daily RSI also ended the Sep. 2 session slightly below 29, and readings of 30 or less mark oversold conditions. To that point, historical readings near or below 30 have often marked short-term bottoms.
So, will macroeconomic risks overwhelm NVIDIA, or will the tide turn for the troubled chipmaker?
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