Shares of NVIDIA (NVDA) benefited from a burst of “buy the dip” activity on Wednesday.
NVIDIA stock rallied more than 8% on an increase in volume as investors took advantage of the stock breaking back above $110 price level.
Just last week, the stock traded to lows near $100 and found support at the incredibly critical psychological price. But the short-term battle still has a few obstacles to overcome.
Namely in Nvidia's 50 day moving average, which slipped into a short term bearish trend just over a week ago.
This Trendline best represents the saying the trend is your friend on Wall Street.
For the first time in almost a year, that trend turned against the stock. Last September, the 50-day moving average shifted into a bearish trend. Leaving the stock trading in a wide range posting lows that were more than 20% below NVIDIA’s highs at the time.
Currently NVIDIA is 50 day moving average sits at $118, with the 20-day moving average just overhead at $119.
Investors should watch these prices closely tomorrow after the monthly PPI report is released at 8:30 in the morning.
NVIDIA remains in a long term bull market trend with a target price of $150.00.
Albemarle Corporation (ALB) stock rose more than 13% on Wednesday on speculation that lithium prices may soon rise.
The company’s stock rallied along with other lithium producers following report that Contemporary Amperex Technology wants to adjust its lithium production in Jiangxi.
Contemporary Amperex Technology or “CATL” is the largest producer of electric vehicle batteries in the world, accounting for roughly 40% of the total EV battery market.
Albemarle stock has been in a intermediate-term bear market trend since beginning its current decline in May. The stock’s 50- and 200-day moving averages are both locked in a bearish trend, indicating that the next 4-6 months performance should be weak.
From a longer-term perspective, ALB shares have been in a long-term bear market trend since March of 2023 when they broke below their 20-month moving average.
Albemarle stock has been affected by the slowing of EV growth forecasts in the United States as many companies like Ford and General Motors back off of their plans to expand into the market.
Albemarle shares remain in a bear market trend with a price target of $50.
In what may be a direct reflection of investor’s take on the Presidential Debate on Tuesday, shares of Trump Media & Technology Group (DJT) fell more than 10%.
Shares of the social media company have fallen into a precipitous drop since spiking more than 45% in mid-July. The spike in DJT stock was sparked by the announcement that President Joe Biden would be dropping out of the race.
Today’s close represents a 65% lower price than those July highs, with a larger problem potentially brewing for former president Trump.
According to several sources, the first date that the former president can begin selling shares of DJT is September 19th, just more than a week away. The former president owns roughly 60% of the company that bears his name.
But there’s a catch.
According to the company’s latest prospectus filing, one of the criteria to allow the Trump to sell shares is that the stock price must remain above $12 for any 20 of the 30 trading days after August 23.
This means that the stock needs to remain above $12 until September 19, a feat that may be harder than expected just a few days ago as sellers appear to be lining up. The move to $12 would represent a 26% decline from today’s close.
Shares of Trump Media & Technology Group remain in a bear market trend with a target of $10.
