NVDA finds support at 50-day moving average
Moving lower for the 2nd day in a row, NVDA ended the week 1.07% higher at 254.79 after losing $1.67 (-0.65%) today. Closing below Thursday's low at 256.15, NVIDIA confirms its breakout through the prior session's low having traded $3.45 below it intraday.
Friday's trading range was $3.39 (1.34%), that's below last trading month's daily average range of $5.22. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 253.50. After trading as low as 252.70 during the day, the market found support at the 50-day moving average at 252.76.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 260.24 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 249.71 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for NVIDIA Corporation
|Close to R1 Resistance||TQ Pro Members Only|
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Black Candle||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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