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Asset Watch
Thursday, November 16, 2023
The company reports earnings on Nov. 21, and expectations will be high. In the meantime, monitoring the 10-hour moving average allows you to position yourself for higher prices while still managing risk.
For example, the 10-hour MA has held as support throughout most of November, and corrections occurred after the stock became materially overbought. The vertical grey lines highlight how when NVIDIA’s hourly RSI (the black line at the bottom) exceeded 80, the stock was due for pullbacks.
However, NVIDIA ended the Nov. 14 session with an RSI closer to 72, so the 10-hour MA is less than 1% below the daily close. As a result, if it can hold as support, the hourly RSI could make a run toward 80 and provide traders with a solid risk-reward setup ahead of the earnings release.
So, are the bulls back in charge, or is another breakdown on the horizon?
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