Does anyone think this stock will break below 30? Today was the third time it's retested this level. Even a downgrade from JP Morgan couldn't break this level. Of course, we traders know why JPM issues these downgrades. I'm not trying to hype this stock. I'm just looking for technical confirmations. 3 retests at a $30 support is about as much confirmation as I need and I believe the fundys show this stock is oversold at $30 even if growth does slow slightly. I'm not saying I won't short NVDA on a day to day basis during a weak market or a sector selloff, but I've already put a significant chunk of my IRA into this stock. I guess we'll see if I eat my words. Is there something inherently wrong with being long a stock in your retirement account while simultaneously short in your trading account? (Since I do it all the time, I hope not! )
I hope there's nothing wrong holding NVDA. I'm long of it (from the 32) for the longer term. (Stop at @29.00 FWIW, came perilously close at today's premarket)
when you say it hit 30 three times, and each bounce was less strong, it sounds to me like you are describing a descending triangle, along with the fact that both the Dow and NDX are in downtrends, looks like a short to me. The major problems with double and triple bottoms is that no one rarely takes into consideration the overall market when analyzing them. They work BEST in an uptrending market. In a bear market, they become descending triangles...part of the art form I guess. ~Ashe
not to mention that when p/e ratios are in the crosshairs, the fundamentals don't matter one bit if a great company is selling at 35X earnings and people aren't willing to pay 35X for anything in this ugly environment, guess where that great company's stock is going to go (flushing sound)
yeah, that's the bottom line here I think, general market conditions are not favoring the holding of support levels. Also the relative strength has taken a nosedive. I was burned on EMC earlier this year because I had been trading the tops and bottoms of a trading range on a swing trade time frame and was making $$$, thinking that the bottom of the range would keep holding since "EMC is such a great company"....well, guess what, they blew it down, and its been breaking new 52 week lows ever since. NVDA can and probably will do the same thing even though I have a top of the line NVDA graphics card in my new pc at home. The market doesn't care.