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NVIDIA Corporation (NASDAQ:NVDA) was trading almost 4% higher on Thursday after breaking up from a sideways consolidation pattern.
The move higher followed Advanced Micro Devices, Inc (NASDAQ:AMD), which was surging about 7% higher as the general tech sector began to rebound downward pressure caused when several U.S. banks collapsed and Swiss bank Credit Suisse issued a warning.
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Invester sentiment turned bullish on Thursday after news that the Swiss National Bank pledged to lend Credit Suisse the funds needed to alleviate its issues with liquidity.
Technical traders may have predicted a big bullish move was in the cards for Nvidia and AMC because both stocks remained strong through the recent general market turmoil, with Nvidia trading since Feb. 23 just under an important resistance level at $244.54.
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The Nvidia Chart: Within Nvidia’s sideways consolidation pattern, the stock on Wednesday printed a bullish inside bar pattern just under the resistance zone. On Thursday, Nvidia opened the trading session with a double inside bar pattern and broke up from the formation intraday.
If Nvidia closes the trading day near its high-of-day price, the stock will print a bullish Marubozu candlestick, which could indicate higher prices will come again on Friday. If the stock closes with a significant lower wick, Nvidia could trade sideways or lower on Friday.
If the stock trades lower on Friday, bullish traders will want to see Nvidia hold above $244. Bearish traders want to see big bearish volume come in and break Nvidia down from that level, which could cause the stock to lose support at the eight-day exponential moving average, which has been edging the stock higher since Jan. 9.,
Nvidia has resistance above at $252.59 and $272.29 and support below at $244.54 and $230.53.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.