Here’s how to get back into NVDA!- December 12, 2024
It’s Scott McGregor at Scott Trades on Twitter with StockMarketMentor.com and your Chart of the Day. I want to take a look at NVIDIA ( NASDAQ: NVDA ).
NVIDIA ( NASDAQ: NVDA ) is one of the most watched and traded companies in the world. The big question is, how do I get back into this stock? If you sold NVIDIA ( NASDAQ: NVDA ), maybe you were part of this big move up here in May, April, and June.
Maybe you sold out of it, you’ve been waiting to get back in, how do you do that? I definitely see an entry here on NVIDIA ( NASDAQ: NVDA ), but I think you want to be patient. As long as the market continues to chop sideways I have a feeling some of these stocks like Microsoft ( NASDAQ: MSFT ), NVIDIA ( NASDAQ: NVDA ), Apple ( NASDAQ: AAPL ), etcetera, may also continue to consolidate.
So I would definitely be patient, number one. Don’t rush to get into this. Wait for a clear trigger and a clear signal. And I see that, if NVIDIA ( NASDAQ: NVDA ) can get above this red line here, that’s the 50-day moving average. If it can get above the red line, and close above this resistance day from Tuesday, December 10th we close above that level, and we do it on volume above 141.82.
If we can get above and stay above 141.82, then I definitely think NVIDIA ( NASDAQ: NVDA ) could be a buy with a stop-loss right under this recent higher low from December 10th. You can see this has been in consolidation, and this lower end here is right around 134.00, 133.00 in and around there. That acted as a pretty clear buy zone for Traders.
They come in, they buy it, it pops back up. They come in, they buy it, and it pops back up, over and over and over again. I definitely see this as a pretty clear support level right around 133.00, 134.00, or even just below. So that’s where I would put my stop-loss if, the stock can give us a bullish engulfing candlestick and a big close above that 50-day moving average, coming on high volume. That’s my thought here on NVIDIA ( NASDAQ: NVDA ).
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