Buying just 100 shares would still cost nearly $20,000. Now that the pullback has come to fruition, my bearish outlook has turned somewhat bullish-because price does matter.īuying NVDA stock outright is both risky and rather expensive, even after the split. I noted how both the technicals and fundamentals had reached an extreme and recommended a bear call spread to position for a pullback. I had a decidedly more bearish outlook for NVDA stock in my last research piece on June 25. I am certainly far from a perma-bull on NVDA. NVDA stock also held major support at the $175 level, yet another bullish sign. It is an even more powerful signal given the magnitude of the recent selling pressure. The sellers have become exhausted and the buyers have taken control. This type of price action is a reliable signal that the preceding trend has come to an end. NVDA was the best performing NASDAQ 100 stock on the day. Plus it was on a day when the NASDAQ 100 dropped over 80 basis points. Shares opened lower and near the lows of the day only to reverse course and close sharply higher and near the highs of the day.
More importantly, NVDA stock had a key reversal day last Friday. Source: The thinkorswim® platform from TD Ameritrade
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