• February 1, 2023

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Nvidia

NVDA
gapped lower this morning on a negative reaction to a partial earnings report. The stock closed last week at $189.89 and traded as low as $172.42 this morning, down 9.2%. Nvidia is above its 50-day simple moving average at $170.18 and above its value level for this week at $169.35.

The stock set its all-time intraday high of $346.47 on November 22, 2021 and traded as low as $140.55 on July 5, 2022. This was a bear market decline of 59.4%. From this low Nvidia rebounded by a bull market 37.1% rise to $192.74 below its annual pivot at $195.84.

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The Daily Chart for Nvidia

Shares of Nvidia fell below a death cross on April 21, 2022, when the 50-day simple moving average moved below the 200-day simple moving average. The stock remains below this death cross. Its above the 50-day SMA at $170.17 and below its 200-day SMA at $231.41.

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There are four horizontal lines. At the top is the quarterly risky level at $277.62. The second from the top is the semiannual risky level at $219.04. The third from the top is the annual pivot at $195.84. The lowest horizontal line is this week’s pivot at $169.35.

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The Weekly Chart for Nvidia

The weekly chart for Nvidia ended last week positive given the close last Friday above its five-week modified moving average at $175.43. If this week’s close is below $175.43 the weekly chart will be downgraded to neutral. The 200-week simple moving average or ‘reversion to the mean’ is rising at $124.24. The 12x3x3 weekly slow stochastic reading is rising at 54.18. This reading was oversold during the week of July 22. Stochastics scale between 00.00 and 100.00 with a reading above 80.00 overbought and a reading below 20.00 oversold.

Trading Strategy: Buy Nvidia on weakness to its weekly value level at $169.35. Reduce holdings on strength to its annual pivot at $195.84.

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