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Trends & Analysis
News

P&G shares rise despite Q3 sales miss

News

Gold continues to shine amid geopolitical worries

News

Crude oil dips for 3rd session after supply data

News

Is there an AI upside for AMD?

News

GBP/USD recovers following wage report

News

Buy the JPMorgan dip?

Asset Watch

Ride NVIDIA’s momentum to new highs?

Thursday, November 16, 2023

The revolution remains on schedule, as NVIDIA unveiled its new H200 Tensor Core GPU, which can handle the large data sets required to develop AI and keep the company one step ahead of the competition. Wolfe Research analyst Chris Caso wrote:

 

“NVDA has not refreshed prior datacenter GPUs in the past. This represents further evidence of NVDA accelerating their product cadence in response to AI market growth and performance requirements, which further expands their competitive moat.”

 

But with fundamental tailwinds, bullish seasonality, lower interest rates and tame inflation combining to boost sentiment, does NVIDIA’s rally have more room to run?

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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