Market Overview

Pro: Nvidia's Stock At A Tipping Point

Pro: Nvidia's Stock At A Tipping Point

Nvidia Corporation (NASDAQ: NVDA) shares have gained around $20 since last Friday and are now trading near a "make or break" level, according to Miller Tabak's Matt Maley.

What Happened

Nvidia's stock gained close to 4 percent Wednesday and is trading near its 2019 highs. But the stock is also down more than 40 percent from its October all-time highs.

Taking a look at Nvidia's chart dating back to early 2017, shares held right at its 200-week moving average, Maley said during a Thursday CNBC "Trading Nation" segment. Since then, the stock managed to trade "sideways for a while" before gaining momentum in February.

Why It's Important

If Nvidia's stock ends the week north of its 200-week moving average, the stock could "shoot up in a major way," Maley said. If it doesn't break above the key technical indicator, the stock could "roll over," he said. 

"This is a stock that's had a lot of momentum money flow out of the stock," Maley said. "So if it can rally further anytime soon, that momentum money's going to flow back in and be very positive for the stock."

What's Next

Susquehanna's Stacey Gilbert added to the conversation and said Nvidia's recent acquisition of Mellanox will "fill a revenue hole" that Nvidia lost from the crypto collapse. Looking forward, investors are hoping management will quantify possible synergies from the merger, she said. 

In the meantime, Nvidia's stock "may not be our favorite" to ow,n but nevertheless is one "we like to own," the Susquehanna trader said. 

Related Links:

What's Next For Nvidia And Mellanox?

Why This Analyst Sees 25% Upside In NVIDIA

Latest Ratings for NVDA

Nov 2019MaintainsBuy
Nov 2019UpgradesEqual-WeightOverweight
Nov 2019MaintainsBuy

View More Analyst Ratings for NVDA
View the Latest Analyst Ratings

Posted-In: CNBC Matt Maley Miller Tabak Stacey Gilbert SusquehannaAnalyst Color Analyst Ratings Media Best of Benzinga


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