NVDA: Will This Rally Persist? Let's See.
• NVDA is correcting today, however, it is still above its support line at $419.38, which was a previous top level on May;
• Even if NVDA corrects to the 21 EMA on the daily chart, the trend would remain technically bullish;
• The trend would reverse only if NVDA makes a new lower high/low - so far, it has been doing only higher highs/lows. Remember, trends persist until a clear reversal occurs (Dow Theory, 6th tenet);
• If the broad market keeps correcting, NVDA will probably lose its support at $419 and seek the 21 EMA next. It all depends on how the SPX/NDX will behave from here.
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• Even if NVDA corrects to the 21 EMA on the daily chart, the trend would remain technically bullish;
• The trend would reverse only if NVDA makes a new lower high/low - so far, it has been doing only higher highs/lows. Remember, trends persist until a clear reversal occurs (Dow Theory, 6th tenet);
• If the broad market keeps correcting, NVDA will probably lose its support at $419 and seek the 21 EMA next. It all depends on how the SPX/NDX will behave from here.
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