$NVDA showing strength with new “Go”


August 2023


Alex Cole

$NVDA was in an incredible "Go" trend since January of this year.

With the equity markets recent struggles, the semi conductor stock also struggled, moving sideways since the recent high in July.  We saw a Go Countertrend Correction Icon (red arrow) then, indicating that price may struggle to go higher in the short term.  Indeed, we have seen the trend struggle with GoNoGo Trend even losing "Go" colors and painting a few "Go Fish" and "NoGo" bars. However, with the much of the market continuing to correct lower, $NVDA has responded with a new "Go" bar as price rallied to test resistance yesterday.  Strength at this time is a strong positive for the stock.  We also note that GoNoGo Oscillator is breaking back above zero into positive territory on heavy volume.  We will look for price to climb above resistance this week and set a new higher high.