Swing Trade Idea (NVDA) – April 1, 2021
Our bullish trade for Thursday, April 1st is NVDA (Nvidia Corp). NVDA is part of the Technology Sector (XLK). XLK has experienced a 0.04% gain in the last month as tech stocks pulled back after an extended rally.
NVDA’s 1M trend turned bullish yesterday and broke above its 100 D MA providing a good long opportunity. Next resistance for NVDA is at the $588 level.
As a stop loss, if NVDA were to trade below $486 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We also would consider cutting losses on this options trade if the value of the vertical spread moves below $31.60.
