Connect with us

Hi, what are you looking for?

Seven Haven TradeSeven Haven Trade

Editor's Pick

What Happened to NVIDIA (NVDA)?

NVIDIA (NVDA) was enjoying quite a rally to start the day. All seemed right with the world. As someone recently said to me regarding another company is that it is “a victim of its own success”. This is what happened to NVDA. It appears that the ceiling was reached for investors who were ready to take profits and move on. Over the prior six days of trading, NVDA was up over 19%. It was time for some profit taking.

Today’s decline did set up a bearish engulfing candlestick that would imply more downside ahead on Monday. Will today’s decline harken more selling? We saw that decline before earnings and it didn’t turn into much. It’s time for a pullback or at the very least consolidation, but we wouldn’t be at all surprised if this powerhouse defies gravity further. It wouldn’t be a bad idea to get a stop set here to preserve profits just in case this does signal a more concerted decline.

Learn more about DecisionPoint.com:


Watch the latest episode of the DecisionPointTrading Room on DP’s YouTube channel here!


Try us out for two weeks with a trial subscription!

Use coupon code: DPTRIAL2 at checkout!


Technical Analysis is a windsock, not a crystal ball. –Carl Swenlin


(c) Copyright 2024 DecisionPoint.com


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.


Helpful DecisionPoint Links:

Trend Models

Price Momentum Oscillator (PMO)

On Balance Volume

Swenlin Trading Oscillators (STO-B and STO-V)

ITBM and ITVM

SCTR Ranking

Bear Market Rules


You May Also Like

Economy

Stocks sold off Friday as inflation and geopolitical worries once again dented investor sentiment on Wall Street. A broad decline in major bank shares...

Editor's Pick

In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen shares key signals that it’s time to sell a stock, using INTC as an example....

World News

You don’t need to click the video that Rep. Nancy Mace (R-S.C.) posted to X (formerly Twitter) on Saturday to be misinformed. The text...

Economy

Stocks sold off Friday as inflation and geopolitical worries once again dented investor sentiment on Wall Street. A broad decline in major bank shares...