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Week Ahead Preview: 17th of February

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Trends & Analysis
News

Week Ahead Preview: 17th of February

News

Europe stocks hit record high on strong earnings

News

BRIC currencies mostly gain as US inflation rises

News

Refresh your portfolio with Coca-Cola?

News

GBP/USD price may rally to multi-week high

News

EIA ups oil output forecast, but supply fears loom

Asset Watch

Is NVIDIA’s uptrend still intact?

Thursday July 25, 2024

The spotlight on Big Tech has brightened, as heavyweights like Tesla and Alphabet reported earnings on Jul. 23. And with the Siggraph conference kicking off this weekend, Citigroup analyst Atif Malik put NVIDIA on “positive catalyst watch,” reiterating his $150 price target.
“We remain wildly bullish on semis,” the team wrote. “We spent the last week meeting investors in New York/Connecticut. NVIDIA remains the stock with the most positive sentiment, with Broadcom catching up.”
While the fundamental outlook remains constructive, could the short-term price action be driven by a few meaningful technical levels?
NVIDIA has made lower highs and lower lows since peaking on Jun. 18, which is a troubling sign. However, when the 10-hour moving average (the blue line) crosses the 20-hour moving average (the yellow line) from below, it often signals short-term momentum and higher prices.

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?


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