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NVDA) is engaged in creating the graphics chips used in personal computers that bring games and home movies to life. This stock closed up 4.2% to $15.03 in Wednesday's trading session.
Wednesday's Volume: 19.19 million
Three-Month Average Volume: 8.58 million
Volume % Change: 145%
Shares of NVDA popped higher on Wednesday after the company reported modest revenue growth of less than 3%, while adjusted EPS rose 23%.
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From a technical perspective, NVDA spiked sharply higher here right off its 50-day moving average of $14.39 with heavy upside volume. This move pushed shares of NVDA into breakout territory, since the stock out some near-term overhead resistance at $14.88. Shares of NVDA are now starting to move within range of triggering another near-term breakout trade. That trade will hit if NVDA manages to take out its 52-week high at $15.48 with high volume.
Traders should now look for long-biased trades in NVDA as long as it's trending above that first breakout level of $14.88 or above its 50-day at $14.39, and then once it sustains a move or close above its 52-week high at $15.48 with volume that hits near or above 8.58 million shares. If that breakout triggers soon, then NVDA will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are its next major overhead resistance levels at $16.60 to $18.
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