The chip stock rallied 5.18% in midday trading
Nvidia (NASDAQ: NVDA) Shares gained more than 5% on Monday as investors flocked to beaten-down tech stocks to start the year.
Earlier in the day, Nvidia was named a top pick for 2023 by Wells Fargo analysts, who said they see a positive data centre product cycle materializing through the end of the year.
NVIDIA’s (NASDAQ: NVDA) stock is up by a considerable 27% over the past three months. Given the company’s impressive performance, we decided to study its financial indicators more closely as a company’s financial health over the long-term usually dictates market outcomes. Particularly, we will be paying attention to NVIDIA`s ROE today.
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
Since the start of the trading year, Nvidia (NVDA Has gained more than 9%, outpacing the 2.4% gain in the broader Nasdaq. In 2022, Nvidia (NVDA) Shares fell nearly 60%.
NVIDIA TECHNICAL ANALYSIS DAILY CHART:
In daily chart Nvidia is currently trading in up channel.
Nvidia is currently trading above all SMA.
RSI is in buying zone which shows bullishness. And stochastic is suggesting up trend.
Nvidia immediate support level is at 158.00 & resistance level is at 160.38
HOW TO TRADE IN THIS WEEK
Nvidia is trading in up channel; it will continue to trade upside until any trend reversal so, remain bullish on it.