Nvidia: We're Moving the Goal Posts With These Brand New Price Targets

Nvidia will report its latest quarterly earnings results after the market bell on Wednesday.

When I reviewed semiconductor maker Nvidia (NVDA)  on May 2, I wrote that "Traders who are long NVDA should continue to hold those positions. I would raise sell stops to $250 or just below the 50-day moving average line. The $319 area is my next price target."

Share prices nearly reached my $319 target last week so let's check for some new goal posts. Oh, and Nvidia will report its latest quarterly earnings results after the market bell on Wednesday.

In the daily bar chart of NVDA, below, I can see a continued bullish picture. The shares are in an uptrend with only sideways corrections along the way. Waiting for a pullback has not been the way to go. The slopes of the 50-day and the 200-day moving average lines are positive.

The daily On-Balance-Volume (OBV) line shows a bullish rise from October as buyers of NVDA have been more aggressive than sellers. The trend-following Moving Average Convergence Divergence (MACD) oscillator is bullish.

 

In the weekly Japanese candlestick chart of NVDA, below, I see a positive setup with no top reversal patterns. Prices are in an uptrend and trade above the rising 40-week moving average line.

 

The weekly OBV line is bullish. The MACD oscillator is above the zero line and pointed higher.

 

 

In this updated daily Point and Figure chart of NVDA, below, I can see a new price target in the $339 area.

 

 

In this weekly Point and Figure chart of NVDA, below, I can see a new price target of $409.

 

 

Bottom-line strategy: Traders who are long NVDA from lower levels should continue to hold those positions. Raise stops to $275 from $250. The $339 area is our new price target followed by $400 as a round number.

 

Employees of TheStreet are prohibited from trading individual securities.