NVDA - continued significant swings

Whilst the main market closed moderately higher, there were significant swings in Nvidia (NVDA), which saw an intra low of $145.65, but settled +0.9% at $151.40. First big support is around 130/125. Any price action <120 looks out of range unless the sp'500 sees a daily close under the 50dma (soon 2390s).. which seems unlikely.


NVDA daily

NVDA monthly

Summary

Suffice to add, recent earnings for Nvidia were 'reasonable'.

In terms of price, the run from the April 13'th low of $95.39 to the June 9th high of $168.50 was unquestionably insane.

Outlook is for short term weakness, but mid/long term hyper-strong. Many seem resigned to the $200s, whether before year end or early 2018. Some are starting to think about the 500s.. even >$1000.

*A few of you might be aware that Cramer was recently touting an Intel '1987' analogy, which would equate to NVDA $10500.