It’s no secret that the market has been unpredictable lately. One day we’ll be headed lower, and the next, we’ll have a rally. So, as traders, we’re even more focused on looking for the stocks that show consistent growth, regardless of what the general indexes are doing. We want a stock that looks good and is attracting some positive attention, and I’ve found a great one for us today: NVIDIA Corp. (NVDA).
NVIDIA is a visual computing company that operates around the world. NVIDIA’s most well-known invention was the graphics processing unit (GPU), which is the hub for all digital elements in modern computers. Basically, the GPU enables faster processing speeds, which enhances details and complexity, while, at the same time, maintains performance.
The GPU led NVIDIA to become a specialized platform company, and the company now has success in four large markets: gaming, professional visualization, datacenter and auto. In other words, its work impacts personal computers, mobile devices, autonomous cars, video games and much more.
And that’s not the only reason why NVDA earns my recommendation today.
First, NVIDIA’s share price has been skyrocketing higher over the past few months, as you can see in the graph below. The stock has also been outperforming its Industry (Semiconductor – Specialized) and Sector (Technology)—both of which are doing very well.
The company has good scores in the Turner Analytics database, too. Its fundamental score is 65 out of 100, and its technical score is 60 out of 100.
However, the most notable thing about NVDA right now is that its increasing share price has been coupled with increasing average daily trading volume. This is a good sign. It means that investors are pouring into the stock and that the price is very likely to continue to rise.
I recommend that you enter NVDA at $33.30 or better and set your stop at $29.06. Our near-term target is $38.31.
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