Welcome to Extreme Investor Network, where we provide you with expert insights and analysis on the latest trends in the world of investing. Today, we are taking a closer look at Nvidia, the mega-cap tech stock that is capturing the attention of investors as it nears a significant milestone.
Nvidia has been on a remarkable rally, with the stock poised to potentially post its sixth straight day of gains. As of today, Nvidia is inching closer to its all-time closing high of $135.58, which was set back in late June. With the stock reaching $134.52 at its high for the day, all eyes are on whether Nvidia will achieve a record close.
This surge in Nvidia’s stock price has also had a positive impact on the broader market, with the S & P 500 reaching an intraday record thanks to Nvidia’s morning move higher. For many investors, a record close for Nvidia, coupled with an S & P 500 record close, could signal a resurgence in the artificial intelligence trade that has been a driving force behind the bull market.
Despite the optimism surrounding Nvidia, experts like Katie Stockton, founder at Fairlead Strategies, are adopting a cautious stance. Stockton believes that Nvidia needs to surpass its intraday high of around $140 before she becomes bullish on the stock. She also warns that a countertrend indicator could emerge at some point, signaling a potential sell-off.
Stockton’s analysis suggests that Nvidia may enter a range-bound environment, with its upper range around $140 to $141 and a lower-end support at $97. This indicates that investors should consider using strength in the stock to sell, rather than adding new exposure.
At Extreme Investor Network, we provide you with the unique insights and expert analysis you need to navigate the ever-changing landscape of the investment world. Stay tuned for more updates and actionable advice to help you make informed investment decisions.