+12% In Week After Our Bullish Alert ... Where Is NVDA Headed Next?

On the morning of May 27th, just hours after Nvidia Corp. (NVDA) reported earnings, Mike Paulenoff gave this bullish assessment to MPTrader members:

"In the absence of damaging weakness beneath last eve's algo, knee-jerk spike low at 611.02, and subsequent follow-through beneath 600, my technical work remains 'friendly,' and points higher, to test the ATH at 648.57, in route to 675-680 thereafter."

The stock, which was trading at 628.30 at the time, indeed followed the 'friendly' technical path Mike discussed, embarking on a relentless climb that hit new ATHs at 706.44 this past Friday, or 12.4% above its price at Mike's alert.

Where is NVDA headed next?  Early this coming week, the company makes a presentation at the Evercore ISI TMT Conference, likely touting the strong demand for its new products in gaming processor chips and servers.  Is the news baked into NVDA's 290% gain off of its March 2020 low?

Technically, the 715-720 level represents the next higher target zone from where NVDA could peak, stall, and roll over into a correction.  That said, in the absence of weakness that breaks key significant support at 675, confirming that NVDA has peaked and reversed into a correction, a climb above 720 will trigger upside potential to 760-800 thereafter.

Join Mike and our membership for real time discussions and analysis of NVDA, as well as many other names of individual stocks, index futures, ETFs, macro indices, cryptocurrencies, precious metals, and commodities.

More Top Calls From Mike

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!