NVDA April 26, 2024: An Attempt to Resume the Uptrend

On April 26, 2024, The weekly chart of NDX shows a weekly recovery from the MA-30 week. NDX closed near the weekly high which is encouraging. The current close is right near the resistance 17,780 which was broken during the week April 15-19.

Looking closer at the daily chart we can see that the resistance is at the same level with both MA-20, MA-50, therefore this is a key level challenging the market next week.

I started to buy a pilot position in NVDA around the close of April 26. Reasons:

• Crossed up MA-20
  
• Crossed up MA-50
  
• Crossed up the small trendline (yellow line on the chart)
  

This happened before the NDX did so as described above.

交易开始:

I closed 50% of the position as the stock starts to move down its MA-50. Still hold the other 50%.

交易开始:

Bought back this 50% as the stock quickly got back its MA-20/50.

交易开始:

Still holding but we need to decide to trim this position or not before Thursday as the earnings will come out on Wednesday after close.

交易开始:

I decided to hold NVDA into earnings for a few reasons:

1. I sold QCOM to reduce my exposure on chip stocks. You can see the details of the QCOM trade in my trading ideas.

2. After selling QCOM, the only related chip stock in my portfolio is NVDA and it is 10% of my account.

3. I have some profits now with my initial position, though not so much.

Nevertheless, in case NVDA will gap down 20% the loss will be around 1.5-1.8% of the total account which is acceptable for me.

交易开始:

With a gap up on earnings, NVDA provides an additional buy point here as it is still in the 5% range from the previous high ($980)