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Nvidia's Stock Could Rise Above $600 — Despite Signs It's Already Overbought

Stock's RSI momentum indicator rises to its highest level in six months. Nvidia Corp.'s stock chart shows that, after the stock's continued surge into record territory, it is now technically the most overbought it has been in six months - but that doesn't mean the rally is over.In fact, some chart watchers believe the stock's recent breakout marks the beginning of the next leg of the uptrend, which could propel the stock above the $600 level.Katie Stockton, technical analyst at Fairlead Strategies, said the breakout was a "bullish medium-term development," as it resolved a four-month trading range with a definitive up move."The breakout resumes [Nvidia's] long-term uptrend for an initial projection of $602," Stockton wrote in a recent note to clients.The semiconductor and artificial-intelligence play's stock rose 2.1% in afternoon trading Wednesday, toward a fifth straight gain and a third straight record close. It has soared 14% over the past five sessions, the best five-day performa

Nvidia's Stock Could Rise Above $600 — Despite Signs It's Already Overbought

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Nvidia Corp.'s stock chart shows that, after the stock's continued surge into record territory, it is now technically the most overbought it has been in six months - but that doesn't mean the rally is over.In fact, some chart watchers believe the stock's recent breakout marks the beginning of the next leg of the uptrend, which could propel the stock above the $600 level.Katie Stockton, technical analyst at Fairlead Strategies, said the breakout was a \"bullish medium-term development,\" as it resolved a four-month trading range with a definitive up move.\"The breakout resumes [Nvidia's] long-term uptrend for an initial projection of $602,\" Stockton wrote in a recent note to clients.The semiconductor and artificial-intelligence play's stock  rose 2.1% in afternoon trading Wednesday, toward a fifth straight gain and a third straight record close. It has soared 14% over the past five sessions, the best five-day performa","content":"<html><head></head><body><p>Stock’s RSI momentum indicator rises to its highest level in six months</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0805d8ce07f5808dcc25796bc38cbd8e\" title=\"Nvidia’s stock could keep rallying, even though the charts imply an overbought technical condition.\" tg-width=\"927\" tg-height=\"629\"/><span>Nvidia’s stock could keep rallying, even though the charts imply an overbought technical condition.</span></p><p>Nvidia Corp.’s stock chart shows that, after the stock’s continued surge into record territory, it is now technically the most overbought it has been in six months — but that doesn’t mean the rally is over.</p><p style=\"text-align: start;\">In fact, some chart watchers believe the stock’s recent breakout marks the beginning of the next leg of the uptrend, which could propel the stock above the $600 level.</p><p>Katie Stockton, technical analyst at Fairlead Strategies, said the breakout was a “bullish medium-term development,” as it resolved a four-month trading range with a definitive up move.</p><p>“The breakout resumes [Nvidia’s] long-term uptrend for an initial projection of ~$602,” Stockton wrote in a recent note to clients.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e44bdb250e633bcdbf4da5b00994762\" alt=\"The stock breaks out of a four-month trading range, for an initial target above the $600 level. FACTSET, MARKETWATCH\" title=\"The stock breaks out of a four-month trading range, for an initial target above the $600 level. FACTSET, MARKETWATCH\" tg-width=\"1048\" tg-height=\"792\"/><span>The stock breaks out of a four-month trading range, for an initial target above the $600 level. FACTSET, MARKETWATCH</span></p><p>The semiconductor and artificial-intelligence play’s stock rose 2.3% on Wednesday, for a fifth straight gain and a third straight record close. It has soared 14.3% over the past five sessions, the best five-day performance since it went up 14.7% over the five-day stretch that ended on June 14.</p><p style=\"text-align: start;\">The rally comes as the company this week announced expanded partnerships with drug-discovery companies and said a number of China-based electric-vehicle makers have chosen Nvidia’s centralized car computer to power their fleets.</p><p>On the stock’s chart, the Relative Strength Index (RSI), a momentum indicator that compares the magnitude of recent gains with the magnitude of losses, has climbed 72.03, according to FactSet data. Many chart watchers believe RSI readings above 70 are a sign of overbought conditions.</p><p style=\"text-align: start;\">Nvidia’s RSI is now at the highest reading since the stock reached 74.77 on July 18.</p><p style=\"text-align: start;\">In addition, the stock is trading 2.5% above the top line of the Bollinger Bands indicator ($529.39), which also suggests an overbought condition.</p><p style=\"text-align: start;\">The Bollinger Bands indicator consists of three lines that are overlaid with the price chart. The middle line is usually a 20-day moving average, and the top and bottom lines are two standard deviations away from the middle line. Read more about Bollinger Bands here.</p><p style=\"text-align: start;\">But keep in mind that while overbought indicators show that Nvidia’s stock has rallied more than what history suggests would be normal, that doesn’t mean the rally is over.</p><p style=\"text-align: start;\">Some observers even interpret some overbought signs as an ability rather than a condition, with the view that the ability to become overbought is a sign of underlying strength.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17ac83c25ff345d3f94532849ad505d6\" alt=\"The RSI indicator shows that Nvidia’s stock is the most overbought since July, but that doesn’t mean the uptrend is over.\" title=\"The RSI indicator shows that Nvidia’s stock is the most overbought since July, but that doesn’t mean the uptrend is over.\" tg-width=\"1048\" tg-height=\"787\"/><span>The RSI indicator shows that Nvidia’s stock is the most overbought since July, but that doesn’t mean the uptrend is over.</span></p><p>And as DataTrek Research co-founder Jessica Rabe wrote, even though Nvidia’s stock is at an all-time high, it has “yet to reach statistically significant overbought levels.”</p><p style=\"text-align: start;\">As the above RSI chart shows, some previous similarly high readings may have prompted brief pauses in the stock’s rally, but they didn’t derail the uptrend.</p><p style=\"text-align: start;\">The same holds for the last times the stock was as far above the top Bollinger Bands line as it is now.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1412db4a2247274fb02551cacad28a18\" alt=\"That last times the stock was as far above the top Bollinger Bands line as it is now, there were brief pauses in the rally, but the uptrend continued.\" title=\"That last times the stock was as far above the top Bollinger Bands line as it is now, there were brief pauses in the rally, but the uptrend continued.\" tg-width=\"1047\" tg-height=\"787\"/><span>That last times the stock was as far above the top Bollinger Bands line as it is now, there were brief pauses in the rally, but the uptrend continued.</span></p><p>Rabe noted that momentum is a powerful tool. Basically, she said, she won’t be tempted by an unusually big rally into overbought territory to bet on a pullback.</p><p style=\"text-align: start;\">“We stick by our cardinal rule to ‘never short a new high,&#39;” she wrote.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia's Stock Could Rise Above $600 — Despite Signs It's Already Overbought</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia's Stock Could Rise Above $600 — Despite Signs It's Already Overbought\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2024-01-11 10:16</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Stock’s RSI momentum indicator rises to its highest level in six months</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0805d8ce07f5808dcc25796bc38cbd8e\" title=\"Nvidia’s stock could keep rallying, even though the charts imply an overbought technical condition.\" tg-width=\"927\" tg-height=\"629\"/><span>Nvidia’s stock could keep rallying, even though the charts imply an overbought technical condition.</span></p><p>Nvidia Corp.’s stock chart shows that, after the stock’s continued surge into record territory, it is now technically the most overbought it has been in six months — but that doesn’t mean the rally is over.</p><p style=\"text-align: start;\">In fact, some chart watchers believe the stock’s recent breakout marks the beginning of the next leg of the uptrend, which could propel the stock above the $600 level.</p><p>Katie Stockton, technical analyst at Fairlead Strategies, said the breakout was a “bullish medium-term development,” as it resolved a four-month trading range with a definitive up move.</p><p>“The breakout resumes [Nvidia’s] long-term uptrend for an initial projection of ~$602,” Stockton wrote in a recent note to clients.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0e44bdb250e633bcdbf4da5b00994762\" alt=\"The stock breaks out of a four-month trading range, for an initial target above the $600 level. FACTSET, MARKETWATCH\" title=\"The stock breaks out of a four-month trading range, for an initial target above the $600 level. FACTSET, MARKETWATCH\" tg-width=\"1048\" tg-height=\"792\"/><span>The stock breaks out of a four-month trading range, for an initial target above the $600 level. FACTSET, MARKETWATCH</span></p><p>The semiconductor and artificial-intelligence play’s stock rose 2.3% on Wednesday, for a fifth straight gain and a third straight record close. It has soared 14.3% over the past five sessions, the best five-day performance since it went up 14.7% over the five-day stretch that ended on June 14.</p><p style=\"text-align: start;\">The rally comes as the company this week announced expanded partnerships with drug-discovery companies and said a number of China-based electric-vehicle makers have chosen Nvidia’s centralized car computer to power their fleets.</p><p>On the stock’s chart, the Relative Strength Index (RSI), a momentum indicator that compares the magnitude of recent gains with the magnitude of losses, has climbed 72.03, according to FactSet data. Many chart watchers believe RSI readings above 70 are a sign of overbought conditions.</p><p style=\"text-align: start;\">Nvidia’s RSI is now at the highest reading since the stock reached 74.77 on July 18.</p><p style=\"text-align: start;\">In addition, the stock is trading 2.5% above the top line of the Bollinger Bands indicator ($529.39), which also suggests an overbought condition.</p><p style=\"text-align: start;\">The Bollinger Bands indicator consists of three lines that are overlaid with the price chart. The middle line is usually a 20-day moving average, and the top and bottom lines are two standard deviations away from the middle line. Read more about Bollinger Bands here.</p><p style=\"text-align: start;\">But keep in mind that while overbought indicators show that Nvidia’s stock has rallied more than what history suggests would be normal, that doesn’t mean the rally is over.</p><p style=\"text-align: start;\">Some observers even interpret some overbought signs as an ability rather than a condition, with the view that the ability to become overbought is a sign of underlying strength.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/17ac83c25ff345d3f94532849ad505d6\" alt=\"The RSI indicator shows that Nvidia’s stock is the most overbought since July, but that doesn’t mean the uptrend is over.\" title=\"The RSI indicator shows that Nvidia’s stock is the most overbought since July, but that doesn’t mean the uptrend is over.\" tg-width=\"1048\" tg-height=\"787\"/><span>The RSI indicator shows that Nvidia’s stock is the most overbought since July, but that doesn’t mean the uptrend is over.</span></p><p>And as DataTrek Research co-founder Jessica Rabe wrote, even though Nvidia’s stock is at an all-time high, it has “yet to reach statistically significant overbought levels.”</p><p style=\"text-align: start;\">As the above RSI chart shows, some previous similarly high readings may have prompted brief pauses in the stock’s rally, but they didn’t derail the uptrend.</p><p style=\"text-align: start;\">The same holds for the last times the stock was as far above the top Bollinger Bands line as it is now.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1412db4a2247274fb02551cacad28a18\" alt=\"That last times the stock was as far above the top Bollinger Bands line as it is now, there were brief pauses in the rally, but the uptrend continued.\" title=\"That last times the stock was as far above the top Bollinger Bands line as it is now, there were brief pauses in the rally, but the uptrend continued.\" tg-width=\"1047\" tg-height=\"787\"/><span>That last times the stock was as far above the top Bollinger Bands line as it is now, there were brief pauses in the rally, but the uptrend continued.</span></p><p>Rabe noted that momentum is a powerful tool. Basically, she said, she won’t be tempted by an unusually big rally into overbought territory to bet on a pullback.</p><p style=\"text-align: start;\">“We stick by our cardinal rule to ‘never short a new high,&#39;” she wrote.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4551":"寇图资本持仓","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4549":"软银资本持仓","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","BK4548":"巴美列捷福持仓","NVDA":"英伟达","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","BK4529":"IDC概念","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","LU0234570918.USD":"高盛全球核心股票组合Acc Close","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","BK4567":"ESG概念","LU0079474960.USD":"联博美国增长基金A","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","BK4534":"瑞士信贷持仓","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","BK4585":"ETF&股票定投概念","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0056508442.USD":"贝莱德世界科技基金A2","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","BK4587":"ChatGPT概念","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0109392836.USD":"富兰克林科技股A","BK4579":"人工智能","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","BK4550":"红杉资本持仓","BK4141":"半导体产品"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2402043227","content_text":"Stock’s RSI momentum indicator rises to its highest level in six monthsNvidia’s stock could keep rallying, even though the charts imply an overbought technical condition.Nvidia Corp.’s stock chart shows that, after the stock’s continued surge into record territory, it is now technically the most overbought it has been in six months — but that doesn’t mean the rally is over.In fact, some chart watchers believe the stock’s recent breakout marks the beginning of the next leg of the uptrend, which could propel the stock above the $600 level.Katie Stockton, technical analyst at Fairlead Strategies, said the breakout was a “bullish medium-term development,” as it resolved a four-month trading range with a definitive up move.“The breakout resumes [Nvidia’s] long-term uptrend for an initial projection of ~$602,” Stockton wrote in a recent note to clients.The stock breaks out of a four-month trading range, for an initial target above the $600 level. FACTSET, MARKETWATCHThe semiconductor and artificial-intelligence play’s stock rose 2.3% on Wednesday, for a fifth straight gain and a third straight record close. It has soared 14.3% over the past five sessions, the best five-day performance since it went up 14.7% over the five-day stretch that ended on June 14.The rally comes as the company this week announced expanded partnerships with drug-discovery companies and said a number of China-based electric-vehicle makers have chosen Nvidia’s centralized car computer to power their fleets.On the stock’s chart, the Relative Strength Index (RSI), a momentum indicator that compares the magnitude of recent gains with the magnitude of losses, has climbed 72.03, according to FactSet data. Many chart watchers believe RSI readings above 70 are a sign of overbought conditions.Nvidia’s RSI is now at the highest reading since the stock reached 74.77 on July 18.In addition, the stock is trading 2.5% above the top line of the Bollinger Bands indicator ($529.39), which also suggests an overbought condition.The Bollinger Bands indicator consists of three lines that are overlaid with the price chart. The middle line is usually a 20-day moving average, and the top and bottom lines are two standard deviations away from the middle line. Read more about Bollinger Bands here.But keep in mind that while overbought indicators show that Nvidia’s stock has rallied more than what history suggests would be normal, that doesn’t mean the rally is over.Some observers even interpret some overbought signs as an ability rather than a condition, with the view that the ability to become overbought is a sign of underlying strength.The RSI indicator shows that Nvidia’s stock is the most overbought since July, but that doesn’t mean the uptrend is over.And as DataTrek Research co-founder Jessica Rabe wrote, even though Nvidia’s stock is at an all-time high, it has “yet to reach statistically significant overbought levels.”As the above RSI chart shows, some previous similarly high readings may have prompted brief pauses in the stock’s rally, but they didn’t derail the uptrend.The same holds for the last times the stock was as far above the top Bollinger Bands line as it is now.That last times the stock was as far above the top Bollinger Bands line as it is now, there were brief pauses in the rally, but the uptrend continued.Rabe noted that momentum is a powerful tool. Basically, she said, she won’t be tempted by an unusually big rally into overbought territory to bet on a pullback.“We stick by our cardinal rule to ‘never short a new high,'” she wrote.","news_type":1},"isVote":1,"tweetType":1,"viewCount":122,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":15,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}