+12% In Week After Our Bullish Alert ... Where Is NVDA Headed Next?
by Mike Paulenoff
June 6, 2021 • 2:44 PM EDT
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.
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"JPM has broken down in glaring fashion from a 12-month Top Formation that my pattern work addressed four weeks ago in case JPM sustained beneath 139-140. Today's low at 134.15 violated my shallowest target zone of 135.50-137.50, and points next to 128-130, with an outlier target zone in the vicinity of 115.
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