Nvidia (NVDA) is scheduled to report its latest quarterly figures on Wednesday so a fresh look at the charts seems like a good idea right now.
When we reviewed NVDA on Feb. 26 we wrote that, "The charts and indicators of NVDA have weakened despite great fundamental numbers. Continued broader market weakness is likely to spill over to NVDA and the $510 area remains the key. A close below $510 on heavy volume is likely to precipitate further declines. Stand aside for now."
In the updated daily bar chart of NVDA, below, we can see that the shares weakened into early March and broke the $510 area. NVDA stabilized in March and rallied in April and then corrected into the middle of May with prices testing and bouncing off the rising 200-day moving average line. NVDA is trading above the rising 50-day line.
The On-Balance-Volume (OBV) line only had minor weakness when NVDA corrected in March and May. The Moving Average Convergence Divergence (MACD) oscillator fell below the zero line this month but it has narrowed and could soon give us a buy signal.