A GPU/AI Stock With An Ascending Triangle
This is a Post from the Symbol Surfing Blog from Wed, Aug 8, 2018.
NVIDIA has been incredible.
The 5 year return is over 1,600%.
In other words, a $10,000 investment in 2013 would be worth...wait how do I figure that out?
$10,000 * 16 = $160,000
$160,000 + $10,000 = $170,000
It would be worth a lot like $170,000!
It's one of those stocks I wish I didn't sell.
I thought I could buy again on a pull back, but it never pulled back!
What kind of a high flying stock doesn't pull back?
The stock price closely followed the 50 day moving average.
Anyway, there may be a new opportunity now.
There is a very bullish chart pattern that has developed over the past 6 months called an "Ascending Triangle".
Basically, this happens when the lows move higher and higher but the highs mainly move sideways.
The result of this chart pattern could be a large move to the upside.
With NVDA, it would be a new all-time high as well, which is extremely bullish.
When this stock gets going, it really gets going.
I wouldn't be surprised to see $300.
So, I made a small bet today at $259.
Mathew Galgani over at IBD wrote this.
"chip designer Nvidia (NVDA), the top-performing stocks consistently appear on IBD's screens in the early stages of their major price runs."
This is a little risky especially since we are a few days away from earnings.
Hopefully, they don't announce anything negative because then the stock will most likely get punished.
Remember, do your own homework and when in doubt stay out and look before you leap.
You get the point.
Wed, Aug 8, 2018 NVDA @ $258.42
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