Here’s an update on Nvidia ($NVDA). Bottom line: Hold the line!! – June 5, 2024
Dan Fitzpatrick here at StockMarketMentor.com with your Chart of the Day. NVIDIA ( NASDAQ: NVDA ), everybody wants to talk about this. I’ve been pounding the table on this for a while so it would seem silly for me not to talk about it now.
This vertical line here is on Friday, this is the day that the stock trades post-split. So tomorrow at the end of the day it will be splitting 10:1. I had a really, really strong feeling that the stock was going to be moving higher into the split.
I didn’t really anticipate it moving as high and as fast as it has. Though I will tell you, it’s been a hell of a ride. And if you just believe in the chart you’re going to make a lot of money on this, a lot of money. People on the website have been crushing it here.
The reason I’m saying that is, that if you look at the weekly chart this is, obviously, a monster stock. But there’s no reason, there’s been no sign of weakness where, Oh, I guess that’s the end of the trend. There’s been none of that after this long of a holding period, where this thing really drifted sideways for almost three months.
This stock was ready to jump higher again, and with earnings the way they were, and they are, the prospects of the company are just awesome. This is the most unique situation I’ve ever seen in almost 30 years of trading. I’ve never seen this confluence of a new industry, a leader in that new industry, head and shoulders above the rest.
Growth in that new industry that is literally off the charts, and then add on to that a textbook picture-perfect chart with multiple entry points. So I will say it again, I’d given Cramer a $2,000.00 price target on this stock by the end of the year. And I’ll just say, not even my 52-week price target, but just like I think this is where we’re going to be by the end of the year.
If this is intriguing to you, then I’m not sure why you wouldn’t want to be long the stock, but maybe you have a reason. I think this is a stock you want to take advantage of, buy on any dips, and hold on through the rips.
This is not going to be one of those stocks where at some point they pulled the curtain back and there was nothing there. It’s Peloton, it’s Gopro. No, this is not that. This is a monster company, they’re just getting started. When it’s at 2,000.00 write me or join the website and ask what people should be doing.
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