The trend is your friend. That's the message that Nvidia Corp. (NVDA) shareholders should be repeating in 2017, as shares come off a sectorwide correction earlier in the week.

Simply put, after rallying all year, Nvidia is flashing a major buy signal Thursday. And that's not a novel or nuanced signal either - Nvidia's price action is flashing a green light in the exact same fashion it's been telling traders to buy shares all year long.

Now, it's just a matter of paying attention to the move.

Nvidia's trend isn't new. This graphics chip maker was the top performer in 2016, buoyed by increasing demand for GPUs to fuel operations like cryptocurrency mining and artificial intelligence. Since last year's triple-digit run, Nvidia has added another 89% in upside to its share price in 2017.

To decipher the buy signal in Nvidia, we're turning to the chart for a technical look:

In the intermediate-term, Nvidia has been trading in a tight, well-defined range since the beginning of June. That uptrending channel identifies the high-probability range for shares to remain stuck within -- during that six-month span, Nvidia's price trend has corralled about 99% of the price action. It's a "buy the bounce stock."

Actually waiting for that bounce is important for two key reasons: It's the spot where shares have the most room to move up before they hit resistance, and it's the spot where the risk is the least (because shares have the least room to move lower before the channel breaks, invalidating the upside trade). Remember, all trend lines do eventually break, but by actually waiting for the bounce to happen first, you're ensuring NVDA can actually still catch a bid along that line before you put your money on shares.

So, as shares bounce off of support for the sixth time in as many months, it makes sense to be a buyer in NVDA here.

Relative strength, measured by the indicator down at the bottom of Nvidia's chart, adds some extra confidence to upside in shares. NVDA's relative strength line has been holding onto higher lows of its own since July, indicating that shares are continuing to outperform the rest of the market here. As long as that uptrend in relative strength remains intact, NVDA is statistically predisposed to keep on outperforming the rest of the market.

If you decide to buy here, Nvidia's prior lows just above $190 are a logical place to park a protective stop.

Here's a few more things you probably don't know about Nvidia:

More of What's Trending on TheStreet:

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.

Action Alerts PLUS, which Jim Cramer manages as a charitable trust, is long NVDA.

More from Stocks

Russia Hacking Issue Makes Cybersecurity Stocks Look Like a Great Buy

Russia Hacking Issue Makes Cybersecurity Stocks Look Like a Great Buy

Jim Cramer Reacts to Reports of Private Equity Interest in Arconic

Jim Cramer Reacts to Reports of Private Equity Interest in Arconic

Dow Rises Slightly, Netflix Trades Higher Ahead of Earnings

Dow Rises Slightly, Netflix Trades Higher Ahead of Earnings

Jim Cramer: Bank of America Is Ahead in Technology

Jim Cramer: Bank of America Is Ahead in Technology

Bank of America Up 2% on Earnings Beat, But Analysts See Even More Gains Ahead

Bank of America Up 2% on Earnings Beat, But Analysts See Even More Gains Ahead