NVIDIA CORP is setting up nicely for a breakout.

Our stock screener has flagged NVIDIA CORP (NASDAQ:NVDA) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NASDAQ:NVDA for potential movement.

Technical analysis of NASDAQ:NVDA

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, NVDA scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, NVDA is showing a nice and steady performance.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, NVDA did better than 98% of all other stocks. On top of that, NVDA also shows a nice and consistent pattern of rising prices.
• NVDA is part of the Semiconductors & Semiconductor Equipment industry. There are 107 other stocks in this industry. NVDA outperforms 99% of them.
• NVDA is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so NVDA is lagging the market slightly.
• In the last month NVDA has a been trading in the 118.04 - 140.76 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• Volume is considerably higher in the last couple of days.

Our latest full technical report of NVDA contains the most current technical analsysis.

Why is NASDAQ:NVDA a setup?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NASDAQ:NVDA currently has a 8 as setup rating:

Besides having an excellent technical rating, NVDA also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 129.18, a Stop Loss order could be placed below this zone.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.