NVIDIA Corp (NVDA): Charts do not "predict" anything. They s... (2024)

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Charts do not "predict" anything. They show what the big traders do. With my experience in charting, I can do "some" predicting but mostly about predicting the probabilities. I have seen enough charts in my life that I can give a decent idea of what is "probably" going to happen. Nonetheless, the market is all about the fundamentals and therefore, if there is a piece of news that comes out that changes the picture, the probabilities changes with it.

I can tell you though (in answering your question), that NVDA first became a buy when it made a new all-time high of May of last year when it broke above the previous monthly closing high at 326.76 and no sell signal was given thereafter. The chart gave another buy signal in January of this year when another new all-time monthly high was made, above 493.55. That 2nd buy signal would have been an opportunity to "add" to the previous purchase. As such, the original purchase price would have been around $327 and you would have added around $494. If the stock closes out this month in the lower half of the month's trading range (so far that has been 830.22 and 922.35), the signs of taking profits will be tangible.

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