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NVIDIA Corporation (NASDAQ:NVDA) stock is gaining momentum.
Shares of Jensen Heung-led NVIDIA Corporation (NASDAQ:NVDA) are bouncing back after the significant correction which started in November end on account of equity rotation from the tech sector. The stock had corrected by over 13% from its all-time highs. Now, investors would be hoping that NVIDIA shares should end the year on a high after more than 84% returns in the year-to-date period, crushing the broader market returns by a huge margin. We have been bullish on NVIDIA throughout 2017. Coming to near-term prospects, if NVDA stock technical chart is any indication, then it could be a set for a move higher from here.
NVIDIA stock technical chart yesterday flashed a bullish Moving Average Convergence Divergence(MACD) crossover, which is a popular momentum indicator used by technical traders. The MACD line rose above the signal line from below in a bullish move, which implies that the shares of GPU major are gaining momentum. NVDA stock has its next resistance from the 20-day simple moving average which stands only a few cents away from its last close. If the share price manages to break above the 20-day SMA trend line, then this could mean upward momentum is getting stronger and the next major resistance line would be the 50-day SMA. The 50-day SMA value is at 201.21 now.
Tesla Inc (NASDAQ:TSLA) stock finds support amidst the recent downward pressure.
Tesla Inc (NASDAQ:TSLA) stock has come under pressure recently after quickly gaining more than 13% from the beginning of this month. The positive turn of events like the semi truck bookings, some good news on Model 3 deliveries had given some impetus to Tesla shares. The stock has closed in the red for consecutive three sessions losing the momentum gained recently. However, if the TSLA stock technical chart is something to go by, the downward pressure might get weaker. The technical chart shows that the shares of the Elon Musk-led company found support at its long-term 200-day SMA. The Tesla share price had managed to go well below the 200-day SMA during the day trade yesterday but recovered to close above the trend line. If the support at the long-term 200-day SMA holds, then the stock could see a bounce from her as it has done in the recent past. The next level of support for TSLA stock is its 100-day SMA which is just 5 levels below the last close.
Chipotle Mexican Grill, Inc. (NYSE:CMG) stock could be in for more pain ahead.
Fast food chain Chipotle Mexican Grill (NYSE:CMG) shares lost nearly 5% of their value in yesterday's trade after fresh reports of health-related issues came up at a Los Angeles restaurant. Chipotle stock is yet to recover completely from downfall due to the sickness outbreaks reported earlier this year. CMG stock is still down more than 20% in the year-to-date. It seems that misery of CMG shareholders can get worse from here. Ask us why? Well, the answer lies in the Chipotle stock technical chart.
Firstly, the stock made a bearish crossover with its 20-day and 100-day moving averages yesterday. CMG stock presently trades above its 50-day SMA but the share price is only one level above it, a breach of the support at the 50-day SMA could spell further downward pressure. Secondly, the bearish signal from the moving averages crossovers is also echoed by the MACD indicator. The Chipotle technical chart flashed a bearish MACD crossover in the last trading session, which is indicative of the near-term downside risk in the stock. With the stock still at some distance from the oversold zone, it could come under further pressure on account of the technical setup.
If you're looking for more such technical trading ideas, check out our daily trading ideas section. If you're also looking to discover fundamentally solid tech stocks, you should check out our top stock picks from the tech sector, which have beaten the NASDAQ by over 156%. Interested in automotive stock? Then, we also have our top picks from the auto sector, which have beaten the S&P 500 by over 269%.