NVDA Technical Analysis
Looking at Nvidia, it looks like we are going to open the market on Wednesday to the upside yet again, as we continue to extend higher. Ultimately, I think this is a market that will continue to be positive overall, because quite frankly, Nvidia is involved in just about anything AI related at this point. And therefore, it will continue to see this massive uptrend continue. In fact, we are in the midst of reaching escape velocity, which would suggest a move to roughly $220 a share over the longer term. Obviously, it will take some time to get there, and it will be very noisy along the way, but it does look like a market that is willing to at least make that attempt.
I like the idea of buying short-term pullbacks. I do believe that Nvidia probably has a bit of a short-term floor in it near the $150 level as traders continue to chase its performance. It does become a little bit of a self-fulfilling prophecy because if you have money with a money manager and that person does not own Nvidia, you’re probably asking questions. So, a lot of money managers probably find themselves being forced to buy this regardless. I like buying dips. I like Nvidia to go much higher.
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