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Nvidia’s Stock Gets Stuffed
Nvidia’s stock ($NVDA) gapped higher at the open of trading this morning following the announcement of its newest chip designed for autonomous driving. Shares traded as higher as $192 shortly after the open, where the stock was greeted with a wall of sellers, the second time, shares of Nvidia got stuffed around this $192 level.
The chart below shows how Nvidia has had two trips to the $192 level only to be met with a wall of resistance.
What is worse for the stock is that the gap at the open came on much lower volume than previous times. The chart below shows the spike in volume was nearly as high as the spike that occurred back in the middle of September.
It is probably not a good sign that shares have not been able to rally past this $192, the critical level for the stock and needs to watched.
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Tesla
Tesla jumped higher today, recovering all the losses from the previous day. Now that the Algo’s have successfully filled all the short-term gaps, it will be interesting to see which direction the wind takes the shares tomorrow.
Technology
The Technology ETF ($XLK) showed a little weakness, which brought it back into its trading channel, which is good. We will need to continue to watch this area of trading activity.
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Biotech
Biotech shares could be coming closer to their next move higher. The Biotech ETF ($IBB) is moving closer to its current uptrend that dates back to mid-August. Shares should find meaningful support at the trend line and cause the group to rally.
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Pfizer Could Fall By 9% Or More
Facebook Breaks Out, Could Rise 16% to $200
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Photo Credit via Flickr
Michael Kramer and the clients of Mott Capital own shares of Tesla
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
Tags: Tesla, Technology, Biotech, Nvidia
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Charts used with the permission of Bloomberg Finance L.P. This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.