Nvidia (NVDA - Get Report) has been going through a volatile time over the last nine months. Can the company find some better rhythm in the second half and help give its stock a boost?
Long-time investors are hopeful that it can. Monday's price action helps, with news of a de-escalating trade war giving investors hope that a deal can be reached in the future.
These gains come on the first trading day of the second half of 2019, giving the stock a good start to the third quarter. Nvidia stock is up about 3% to $167 on the day, although it was up more than 5% at one point in morning trade.
While analysts expect a year-over-year decline for both earnings and revenue this year, investors will be focusing to see whether growth is on track to return next year. That will have a big impact on whether the stock can get back above and stay above $200, or if the lows may be probed once more.
Backing October, price broke the upward trend line.
Major weekly zones are far from price currently.
Thus, the currently level in play now are the $190 and the $130 levels.
However, the fact that price couldn't make a lower low and the fact that the weekly supply is above $200, strengthen the case that price has a good possibility of getting back to $200 by year end.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.