Nvidia lowered guidance the other day and the stock took a nosedive. Part of the blame was on the Bitcoin market crashing so not as many people are buying graphics cards to mine for Bitcoin. I think anyone could see that reasoning (excuse) coming because the mining market had cooled off substantially. It is hard to keep the same growth going when people are not buying 10+ graphic cards at a time in order to mine for Bitcoin.
Based upon my growth stock parameters I use and my trading style, I am looking at Nvidia today to see if it is a good buy at its current price. Whenever a stock that has been a strong performer sells off then it is very good to take a very close look at it to see if there could be a great opportunity there.
It will be interesting when they report seeing if it messes with the stock very much. Since a ton of the bad news has already been priced in it will be interesting to see what happens. I don’t have plans to own the stock within the next 24-48 hours but it is on my radar. Especially if the price continues to go lower around the $120s.
The video below will cover my thoughts for the Nvidia stock (NVDA) and what my prediction is for it.
The setups I show are the ones I currently use to trade.
Nvidia (NVDA) Stock Analysis Video
NVDA Stock Recap
I think Nvidia (NVDA) is at a good level to buy the stock if you want in. If you already own it then you can get in at an even better price here.
These are my opinions and are not financial advice.
The exit would be around $245. So if you get in at any point under that then you should be good.
The next entry area I would be looking at would be around $90. After that, I would just scale in when I could. But hopefully, price bounces back from these levels because the 200% Fibonacci extension level has shown good support.
Nvidia definitely has a lot of room to move up if they can right the ship. Based upon the growth parameters it looks pretty good. These are the types of stocks I look for. Ones that have been beaten up but have an overall good story and strong growth fundamentals.
If you are looking for more information regarding Nvidia then here is the link to their website and an overview of what they do:
Nvidia Corporation, commonly referred to as Nvidia, is an American technology company incorporated in Delaware and based in Santa Clara, California. It designs graphics processing units for the gaming and professional markets, as well as system on a chip units for the mobile computing and automotive market.
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