After Yesterday's Rally of 1.63% Shares Could Potentially Pullback
Nvidia (NASDAQ:NVDA) traded in a range yesterday that spanned from a low of $43.75 to a high of $44.51. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $43.86 on volume of 4.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, shares of Nvidia have traded between a low of $19.09 and a high of $44.51 and are now at $44.21, which is 132% above that low price. Over the past week, the 200-day moving average (MA) has gone up 1.1% while the 50-day MA has advanced 0.9%.
SmarTrend recommended that subscribers consider buying shares of Nvidia on February 18th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.44. Since that recommendation, shares of Nvidia have risen 43.1%. We continue to monitor NVDA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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