Nvidia Flies In Blue Skies Amid Reports Of Investment In Arm IPO: A Technical Analysis
Portfolio Pulse from Melanie Schaffer
NVIDIA Corporation's stock gapped up slightly to start Thursday's trading session, breaking up from a rising channel pattern on the daily chart. This move was a continuation after Nvidia rose over 4% Wednesday following reports indicating the company will make a long-term investment in the Arm IPO, set to take place in September. The stock negated a possible bearish double top pattern at the $439.90 mark and confirmed its uptrend remains intact.
July 13, 2023 | 5:06 pm
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POSITIVE IMPACT
NVIDIA's stock price rose following reports of its investment in the Arm IPO. The stock's uptrend remains intact, negating a possible bearish double top pattern.
The news of NVIDIA's investment in the Arm IPO has positively impacted the company's stock price. The stock's uptrend remains intact, indicating a positive short-term impact. However, the stock's relative strength index (RSI) is measuring in at about 70%, indicating it may be overbought, which could lead to a sell-off in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100