NVDA has shown a very promising breakout today, which could potentially lead to a profitable swing trade.
Here are the ingredients that could lead to a multi-day or multi-week move in this stock:
- A large candle with a close above several previous candles.
- The company released a good earnings report three weeks ago.
- Many firms raised their price targets after the report, with $275 being the most repeated target price.
- Today’s closing price is above the high volume close (HVC) on February 23rd.
- The stock has been consistently above its 10-day (purple) and 20-day (yellow) moving averages since January, with only five days below the 20-day moving average since January 8th.
- QQQ had a very good surge today (2.63%), which increases the probability of a positive day tomorrow to more than fifty-fifty(in our opinion).
