Swing Trade Idea – (NVDA) – May 29, 2020
Our bullish trade for Friday, May 29th is NVDA (Nvidia Corp). NVDA is part of the Technology Sector (XLK). XLK has experienced a 8.45% gain in the last month and its 6M trend turned bullish on April 22nd.
NVDA’s 1M and 6M trend turned bullish on April 6th and has pulled back to support after a strong bullish move providing a good buying opportunity. With a technical score of 10 (out of 10), NVDA is a very strong stock that will likely continue higher.
As a stop loss, if NVDA were to trade below $317 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade. We also recommend cutting losses on this options trade if the value of the vertical spread moves below $8.15.
