Asset Watch
Thursday July 25, 2024
The one caveat is that NVIDIA ‘gapped down’ on Jul. 17, meaning the stock opened much lower than the previous day’s close. The horizontal white lines represent the gap range, and the upper white line remains resistance.
As a result, with the 20-hour MA likely to rise, NVIDIA will either break out above the upper white line, or it will break down below the 20-hour MA. If the former occurs, it could be a sign that NVIDIA is ready to run back toward its June highs. If it’s the latter, the stock may retest the July lows.
So, could the Siggraph conference provide the fuel NVIDIA needs, or does the correction continue in the weeks ahead?