Trade Idea: Bullish Breakout in Nvidia
Nvidia shares have surpassed the $1,000 mark, driven by a strong earnings report and a 10-for-1 stock split announcement. The stock has been in a long-term uptrend since the 50-day MA crossed above the 200-day MA last January.
Breakout Range Bullish Trade
A breakout range bullish trade occurs when a stock moves above resistance after consolidation, signaling potential for further gains. Nvidia recently broke out from a three-month consolidation to a new all-time high.
Price Target
With trading volumes decreasing since Nvidia's $974 high in March and the breakout now confirmed, traders can project a price target by adding the $210 consolidation range to the $969 breakout point, aiming for $1,179.
Conclusion
Nvidia's breakout, supported by strong fundamentals, presents a promising bullish trade opportunity with a price target of $1,179.
Nvidia shares have surpassed the $1,000 mark, driven by a strong earnings report and a 10-for-1 stock split announcement. The stock has been in a long-term uptrend since the 50-day MA crossed above the 200-day MA last January.
Breakout Range Bullish Trade
A breakout range bullish trade occurs when a stock moves above resistance after consolidation, signaling potential for further gains. Nvidia recently broke out from a three-month consolidation to a new all-time high.
Price Target
With trading volumes decreasing since Nvidia's $974 high in March and the breakout now confirmed, traders can project a price target by adding the $210 consolidation range to the $969 breakout point, aiming for $1,179.
Conclusion
Nvidia's breakout, supported by strong fundamentals, presents a promising bullish trade opportunity with a price target of $1,179.