Technical Correction as a Buying Opportunity in Nvidia

2 months ago

Lance Roberts

">> Yeah. No, it's very possible. I mean, you know, here's the April low, right? But Nvidia had broken the 50-day moving average back in early January, traded below it through April and then finally bottomed and took off. So yeah, you could definitely spend a little bit of time here somewhere between this 150-160 level and kind of working off some of this overbought condition because, again, this is a daily chart. On the weekly chart, despite a monster run from a very low level to around 160, a correction back to roughly 150 could still leave the stock in a very bullish trend."

The speaker provides company-specific technical commentary on Nvidia (ticker NVDA), indicating that after a strong run-up the stock broke below its 50-day moving average and then recovered. He interprets a potential correction to the 150 level as a healthy pullback, suggesting it may be a tactical buying opportunity while the longer-term trend remains bullish.

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