Nvidia Forecast Today 11/09: Launches Higher (Video)

(MENAFN- Daily Forex)

• Nvidia has seen an explosive move to the upside and is basically up about 4 % as I make this video.
• It looks like we are trying to reach the $185 level. All things being equal, this is a market that I think short-term pullbacks probably occur, but I think they also offer a certain amount of value as Nvidia is a darling of the market.
• The ex-dividend date is Thursday, meaning that you have to own the stock then to qualify for the next dividend, which will be one penny, not a big deal.

The gap could get filled on a pullback, but the 50-day EMA is hanging around the $170 level just as the recent highs of $185 could end up being significant resistance. Gaps like this do tend to get filled eventually, but it also typically will attract new buyers. What I find interesting about this particular gap though, is that it's not on massive volume. It's on bullish momentum, but the volume itself isn't massive.

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The one thing that seems to be what people are very excited about is that they are creating a new chip to perhaps expand their AI offerings, but at the same time, its cash flow and net cash could surpass $1 trillion by the end of the year. So having new chips in the background and all of that cash is very attractive to uh traders and more importantly, in this case, investors. We have recently broken a pretty significant trend line, but you can see we are getting close to the trend line again.

So, on trend line breaks, a lot of times you'll get sideways action and then either you fall or you get continuation. think continuation makes a certain amount of sense, but we'll just have to wait and see. If the overall markets fall, that could weigh on NASDAQ favorites such as Nvidia, but it should be noted that the indices during the trading session kind of gave up their initial push higher after the weaker than anticipated PPI numbers. Nvidia has held firm, which makes sense considering it's part of most passive investing instruments at this point. So pretty much everybody owns Nvidia whether they know it or not. With that, I look at pullbacks as opportunities.

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