Nvidia Still Has Me Stumped, Sorry

 | Jul 12, 2017 | 2:03 PM EDT
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We wrote about Nvidia (NVDA)  the other day and noted that "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."

Here we are on day two an I am not sure I have the clarity I want. Let's look at a five-day bar chart that is plotted every five minutes. No I am not a day trader nor do I encourage it, but I want to see if I can spot something I am missing on other time frames.

In this intraday chart of NVDA, above, we want look at price, On-Balance-Volume and momentum -- simple stuff. Prices have been moving higher and so has the On-Balance-Volume line on Monday and Tuesday and so far into Wednesday. In the lower panel is the momentum study which shows a bearish divergence from Monday to today. Yes these are extremely short data samples and may not trigger any reaction, but it I still hesitate to commit to the long side of NVDA.

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