NVIDIA Bullish Signs

nvda New York, February 1st (TradersHuddle.com) - Shares of NVIDIA Corporation (NASDAQ:NVDA) ended the trading session higher by $0.11 or 0.91% from its previous close. NVIDIA's price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.

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.

NVIDIA's recent stock range was formed by a trough where calculated support was defined at $11.91 and by a peak that established the resistance level at $13.19. This range could be used by traders managing their positions.

Traders wanting to establish a position in NVIDIA or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.

The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:

Technical Scans

Stock Market

o Dow Jones 16,660.91 ▲188.54 (1.14%)
o S&P 500 1,976.61 ▲25.25 (1.29%)
o NASDAQ 4,764.46 ▲56.69 (1.20%)

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:16,660.91 Trade time:10:28AM EDT Value change:▲188.54 (1.14%)

S&P 500

Company ID [INDEXSP:.INX] Last trade:1,976.61 Trade time:10:28AM EDT Value change:▲25.25 (1.29%)


Company ID [INDEXNASDAQ:.IXIC] Last trade:4,764.46 Trade time:10:28AM EDT Value change:▲56.69 (1.20%)

In The Wires

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