After babbling this morning in a previous post about what this company does, I thought I would post a little TA about why I am so bullish on the stock. I truly think the stock will be printing another couple of 52-week highs this week.By the way, Investor's Business Daily has NVDA ranked #62 in the IBD Top 100 and they placed that special black box outline around the chart suggesting that the stock is currently at a "entry" or buy point. I expect a pop at open in NVDA on Monday morning, based on this weekend's paper.
Here's the chart:
I would like to see a little more volume and positive money flow, but the IBD notes may goose this a little. The chart is a thing of beauty with a price objective of $55. One thing to note: If you go back and look at the charts in recent years, you will notice the huge distribution that occurs in January of each year. Technology, in general, becomes a more crowded trade during the second half of the year because of the cyclical nature to tech's earnings. Discipline demands that I sell NVDA in December, no matter how much I like this stock (or have the patience to ride out a rough Spring).
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