Eight months of sideways consolidation and an upcoming earnings event next week are setting the table for the potential of significant upside in shares of Nvidia $NVDA.
The semiconductor space is a leading indicator for the technology sector which has been outperforming in both an absolute sense as well as relative to the rest of the stock market. We view $NVDA as a leader among semiconductor stocks and it is only natural that this name should resume it’s trek higher with the market, which we’re still incredibly bullish on.
We’re going to make a bet that next week’s earnings is the catalyst to get $NVDA moving again. [Read more…]