NVDA Ripped today!

NVDA stock chart from Freestockcharts.com

Today NVDA (Nvidia) reported their Q1 earnings and when looking at the chart above it's obvious they did good. NVDA did better than expected by analysts, their sales for Q1 came in at $925 million while analysts were expecting $916 million. I'm still surprised as to why this stock is still so cheap with all of those smart phones and tablets rocking Nvidia tegra chips. When the mobile gaming industry picks up, we may see more action with Nvidia as they are a leader in video and graphics.

In the chart we can see a definite trend going on. I have the lower and upper trend lines drawn in to show that the price of this stock has been bouncing in this small channel for about 3 months. It is currently in a down trend, but that may soon change. With the recent momentum thrown back into this stock today we may just see a break above the $14.10 ceiling, and if that does happen we might just be in a new uptrend. Stochastics, MACD and RSI are showing positive signs that this stock should be headed north. Once it gets back up the $14.10 area, you may want to take some profits; it may go back down from there, but there's a good chances it'll go higher. Bollinger Bands are okay, and the Parabolic SAR is showing a new uptrend.

If the $14.10 area is crossed, expect NVDA to break resistance and start a new uptrend. Make sure you take profits and have a stop loss set. Good luck and happy trading!


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