This is a stock that shook me out a couple of times last year. One of those stocks that I just knew was going higher but I couldn't ever hold on to it. I'm glad that somebody nailed it though. Com sent the following request for a chart of NVDA:
I've been long in NVDA since August, sustaining a heavy loss after 3rd quarter revenues but enjoying quite a run over the last few weeks. I wondered if you had any thoughts on the chart. Nvidia is trading at/near its 52 week high. Personally I expect resistance at 29.5... but I'm looking for an informed opinion. Thanks.
The first thing I would say is that I would consider taking partial profits if you haven't already. Any time I get a double in a stock I look to sell half to get my initial investment back and take a 'free' position. That makes it much easier for me to let the stock do its gyrations -- with a loose trailing stop.
As you'll see on the weekly chart, NVDA has just broken out of a long consolidation. I don't see much to worry about on either the daily of the weekly chart. It looks like there's a little bit of resistance around 30 and again at 40, but frankly, I'd be more concerned about support levels. The top of the range it just broke should be support now, so I'd be a little concerned if it slipped back into the range.
