NVDA : Time to buy (again) before 26 Feb?
Recap.
For week ending Sat, 15 Feb 2025, US market rally had a positive, volatile week, with the S&P 500 just below all-time highs, with the Nasdaq and Dow Jones not too far behind.
When market closed on Fri, 14 Feb 2025: (see above)
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DJIA: -0.37% (-165.35 TO 44,546.08).
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S&P 500: -0.01% (-0.44 TO 6,114.63).
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Nasdaq: +0.41% (+81.13 to 20,026.77).
Friday also witnessed chip leader $NVIDIA(NVDA)$ reclaimed a key level, recovering from the DeepSeek sell-off from 27 Jan 2025, that forged an ugly consolidation.
Near Buy Point?
For the week ending 15 Feb 2025, Nvidia rallied +6.75% to $138.85, closing off the week. (see above)
Shares are back above the 50-day moving average for the first time since diving -17% on 27 Jan 2025, aka “AI sell-off” day.
Technically, NVDA stock now has a base, with a $153.13 buy point, on a weekly chart.
There could be an early entry point from a downward trendline. However, this pattern isn't great.
In addition, below are Nvidia’s support and resistant levels, (based on Friday’s closing):
Support Levels.
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#1 support point - $136.48.
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#2 support point - $134.12.
Resistant Levels.
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#1 resistant point - $140.23.
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#2 resistant point - $141.62.
Also, to note Nvidia’s rebound has come on lighter volume after the heavy volume sell-off, not too long ago.
Friday’s trading volume was 194,892,300 vs Nvidia’s average trading volume of 245,087,176.
Nvidia (the last Magnificent 7) will be reporting its quarterly earnings on Wed, 26 Feb 2025.
The results will be key for investors, especially for those playing in the AI space.
What’s Next ?
According to analysts:
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US stock market rally is poised to break out of a choppy range, that could be the start of a substantial new run.
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To date, it has not quite happened yet.
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The S&P 500 and Nasdaq, though on the cusp of record highs, are less than 2% above their 50-day moving averages respectively.
Earnings season is starting to wane and there’s only a handful of notable stocks left to report theirs.
28 Feb 2025 will be upon us, in 2 weeks’ time. The temporary tariffs-reprieve against Canada and Mexico will rear its ugly heads once again, not unless a compromised solution is found.
Usual tricks remains:.
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Do homework.
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Running screens to freshen up watchlists.
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Pay attention to the market action next week.
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Lastly, be ready to take action, whether it's buying, selling or both.
As investors in the ever-temperamental US market, we cannot afford not to be too engaged, nor nimble.
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Do you think the US trade war will escalate or a solution could be reached ?
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Do you think Nvidia will be able to turn the tide before or after quarterly earnings are out ?
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Yes, we should buy again $Nvidia
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