Nvidia: Tuesday and Wednesday Could Be Pivotal

 | Jul 10, 2017 | 3:43 PM EDT
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Nvidia (NVDA) has traded up slightly in recent days retracing about half of its late-June decline. The burning question at this juncture is whether prices can continue higher to new highs and break out or whether this is a bounce that is nearly over.

A hard one.

Let's see what our options are after we review the charts and indicators below.

In this updated daily bar chart of NVDA, above, we can see that prices are still above the rising 50-day moving average line. Note that prices did approach the rising line earlier this month but did not actually touch or test the line. The 200-day line is pointed up.

The On-Balance-Volume (OBV) line has been neutral for nearly eight weeks and shows a slight turn up in recent days. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line and could be narrowing toward a fresh go long signal.

In this weekly chart of NVDA, above, we can see that prices are above the rising 40-week moving average line, maybe too far above. The weekly OBV line did break out to a new high in May but has recently stalled. The MACD oscillator looks like it is narrowing to a crossover sell signal.

Bottom line: The price action tomorrow and Wednesday could be pivotal. Strong sessions and high closes would probably mean the bull was back but weak closes could mean a test of the 50-day average line is not far off.

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