Yahoo Finance Nvidia (NVDA) Just Flashed Golden Cross Signal: Do You Buy?
Nvidia (NVDA) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, NVDA broke through the 20-day moving average, which suggests a short-term bullish trend.
A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
Over the past four weeks, NVDA has gained 5.3%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account NVDA's positive earnings estimate revisions. There have been 15 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Investors may want to watch NVDA for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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NVIDIA Corporation (NVDA) : Free Stock Analysis Report
