Nvidia (NVDA) has broken below $19 this morning. The weakness seems to be driven by a downgrade by Goldman of the whole group. The next support is at $18.
We will maintain our short position. We will issue a QUICK ALERT to the subscribers of the ZYX SELL CHANGE ALERT when it is time to buy to cover the short position.
Very short term traders may consider selling short on bounces close to $20.
Those still holding long should consider exiting on bounces. The quantitative screen of the ZYX Change Method shows a fair value of Nvidia to be $18. However, our years of experience has taught us that in this case there is a high probability for Nvidia to overshoot to $15-16 range .
Our computers are monitoring every tick of Nvidia and feeding the data to our proprietary algorithms. When exhaustion in selling is detected, subscribers to ZYX BUY CHANGE ALERT will receive a timely signal to go long Nvidia, i.e., a buy signal.
Our position is well documented in the prior posts. New readers will benefit from a careful read of these posts. Consider entering NVDA in the search box to gain easy access to all prior posts.
