Nvidia Corp. - (NVDA) - February 12, 2021

by SIACharts.com

Chipmaker Nvidia (NVDA) has returned to the Green Favored Zone of the SIA S&P 100 Index Report from a brief dip into the yellow zone after climbing 9 spots yesterday to 25th place.

Accumulation in Nvidia (NVDA) shares has intensified this week, culminating in a major breakout to a new all-time high. Since September, the shares had been trending sideways with lower highs and higher lows forming a Symmetrical Triangle, indicative of a consolidation phase within a larger upward trend.

After doubling in a May to September, Nvidia shares had spent the last five months in a normal consolidation phase. Through this period, O columns continued to bottom out at higher lows, indicating that underlying accumulation remained intact even as upward momentum slowed for a while. Recently, signs have emerged indicating that the shares have started to accelerate upward with the completion of bullish Spread Double Top and Double Top patterns, and yesterday’s close at a new all-time high above $600.00.

Based on horizontal and vertical counts, next potential upside resistance appears on trend near $642.25, then $681.60 and $723.30. Initial support appears near $559.10 based on a 3-box reversal.

With its bullish SMAX score increasing to 7, NVDA is exhibiting near-term strength against the asset classes.

 
 
 

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