NVDA - a powerful bounce

Whilst the main equity market settled broadly higher, there was a powerful bounce within Nvidia (NVDA), which settled +8.0% at $168.40. Last week's break of rising trend/support is still a problem though, and there remains high threat of another swing lower, at least to test last week's low of $152.91.


NVDA daily

NVDA monthly

Summary

Despite today's very powerful gain, the outlook is short term bearish, not least after last week's break of rising trend that stretches back to the mid April low of $95.39.

Seen on a monthly chart, NVDA looks frigtheningly bullish. First core support is around $120, which is currently 28% lower.

Unless the main market is close to a key top (the only sign of that is via the R2K), there is little reason to be mid term bearish NVDA. Recent earnings were certainly somewhat better than reasonable.