Nvidia Corp. (NVDA) has broken out to a new high. We last looked at NVDA on March 27 (see here), where we wrote that, "NVDA could trade sideways for a few days or so before resuming the advance. Traders could go long on a minor one- or two-day dip risking a close below $220 for now. If our Point and Figure chart is right we could see gains to $385 later this year."
Let's check the latest charts of this Action Alerts PLUS holding.
In the daily bar chart of NVDA, below, we can see that prices have broken out over the highs of February. Prices are above the rising 50-day moving average line as well as the rising 200-day moving average line.
The On-Balance-Volume (OBV) line has turned up telling us that buyers of NVDA have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator is turning up for a fresh buy signal.