Markets have been a disaster.
Fear is mounting. Trade wars are intensifying. There are fears of more tariffs, inflation, and even a potential recession. However, after a massive 3,000-point drop in the Dow Jones, a good deal of tension is priced into the market. Plus, we’re starting to see pockets of strength in oversold stocks, especially beaten-down technology names, including Nvidia (NVDA).
Over the last few weeks, Nvidia fell from about $142 to a low of $105. However, it’s starting to pivot from support dating back to September. It’s also starting to bounce from over-extensions on RSI, MACD, and Williams’ %R. From its last traded price of $116, we’d like to see the tech giant rally back to $130 initially.
We also have to consider that Nvidia CEO Jensen Huang is expected to deliver a keynote presentation at Nvidia GTC on Tuesday, March 18.
As noted by Forbes.com, “This year’s GTC promises groundbreaking announcements, industry insights, and a future vision that will captivate developers, researchers, and tech leaders. When Mr. Huang speaks, Wall Street and the tech industry listen very carefully. Known for shaping the trajectory of AI technologies, Huang’s address will highlight Nvidia’s achievements and unveil innovations in new processors, software, and services that will set the tone for AI’s direction in the coming year.”
Sincerely,
Ian Coope
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