Nvidia (Ticker: NVDA) the darling of the Semiconductors. The one stock everyone loves and wants to go higher. There may be an opportunity now for NVDA, The recent drop due to INTC outlook for the year slammed the stock down to the 50-day SMA (Orange Line). That is where immediate support has come into play, and now the stock is moving higher. In fact, it is bullish on a day where the Nasdaq is down quite a bit thanks to GOOGL missing earnings. Now that NVDA has a floor in play, expect the short-term bulls to come out. I think NVDA will move higher to test the 200-day SMA which is also right at the $200 price level. There should be tons of resistance there, but that is fine by me. You would be going into resistance with a nice buffer to play with. Put NVDA on your watchlist for the near term if you have not already.
