NVDA surges, gaining $6.22 (3.89%) within a single day on high volume
NVIDIA Corporation (NVDA) Technical Analysis Report for Jul 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, NVDA finished Thursday at 166.28 surging $6.22 (3.89%) on high volume, notably outperforming the Nasdaq 100 (-0.08%). This is the biggest single-day gain in over two weeks. The last time we've seen such an unusually strong single-day gain on June 26th, NVDA gained 2.49% on the following trading day. Today's close at 166.28 marks the highest recorded closing price since May 10th.
Daily Candlestick Chart (NVDA as at Jul 11, 2019):
Thursday's trading range has been $6.42 (3.94%), that's far above the last trading month's daily average range of $4.10. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NVDA.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 100-day moving average at 165.04 for the first time since July 1st.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
As prices are trading close to July's high at 173.95, upside momentum might accelerate should the stock mark new highs for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for NVIDIA. Out of 162 times, NVDA closed higher 56.79% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.41% with an average market move of 1.54%.