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Nvidia (NVDA) Just Flashed Golden Cross Signal: Do You Buy?
Nvidia (NVDA - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, NVDA broke through the 20-day moving average, which suggests a short-term bullish trend.
The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.
Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.
Shares of NVDA have been moving higher over the past four weeks, up 6.1%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that NVDA could be poised for a continued surge.
The bullish case only gets stronger once investors take into account NVDA's positive earnings estimate revisions. There have been 2 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Investors should think about putting NVDA on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.