NVIDIA: Ready for some Upside?
Published on Friday, 03 August 2012 04:21 Written by TradersHuddle Wire
New York, August 3rd (TradersHuddle.com) - Shares of NVIDIA Corporation (NASDAQ:NVDA) ended the trading session higher by $0.05 or 0.37% from its previous close. NVIDIA's price action developed what can be considered a reversal pattern in the form of a tweezer bottom, which is a candlestick pattern that is usually formed at the end of a downtrend. The tweezer bottom is considered a reversal pattern, so traders will need to monitor the price action for confirmation.
NVIDIA Corporation (NASDAQ:NVDA) designs, develops, and markets three dimensional graphics processors and related software. Its products provide interactive 3D graphics to the mainstream personal computer market.
Traders looking for an entry in NVIDIA can use the tweezers as a good reference point to establish the long position, as the pattern provides defined risk by giving a good reference point for support.
Traders look for tweezer bottoms, as they provide an entry with a small defined risk. They are a leading indicator that provide an alert for a trend reversal or stabilization. The tweezers imply that bears or sellers were not able to push the stock lower, therefore providing the opportunity to look for a bounce. Below an example of a Tweezer Bottom reversal pattern:
- Tennis Channel's First TV Everywhere Application Enabled by Level 3
- Level 3 Honored as "Top Company of the Year in Telecom" by ColoradoBiz Magazine
- Growing Demand for High-Quality Global Broadcast Solutions in South Africa Leads to Level 3 Vyvx Expansion
- Critical Alerts For Lowes, Merck, Express Scripts, VMware, and Level 3 Communications Released By InvestorsObserver
- Level 3 to Present at Investor Conferences
- Lacoste Optimizes Customer Service Capabilities Across Brazil
- Praxair Colombia Selects Level 3 to Enhance Operational Efficiency and Security
- Hexcel Corporation Selects Level 3's Global Network Services to Support International Growth
- State of South Carolina Awards Web and Audio Conferencing Contract to Level 3
- Level 3 Announces Refinancing of $815 Million Term Loan
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines