Can $NVDA really go higher?

Can $NVDA really go higher?


May 2023


Alex Cole

$NVDA has been in a “Go” trend since the middle of January and has seen price almost double since the lows at the beginning of the year.

One of the worst mistakes we can make as trend followers is thinking that a move is over, that it is too extended and that we have “missed it” or that we must take profits early and not let them run.  We must embrace buying higher prices! Of course, we cannot know the future but we look at the chart of $NVDA and see that it is in a strong “Go” trend.  We also know that it is in a subgroup (semiconductors) that is outperforming the sector (technology) which itself is outperforming the broader market.  We have seen this on our GoNoGo RelMaps over the past several weeks.  The chart of $NVDA shows that as price takes out horizontal resistance from sideways consolidation, GoNoGo Oscillator has rallied to find support at zero and is back in positive territory. This tells us that momentum is resurgent in the direction of the current “Go” trend.

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