Schaeffer's Top Stock Picks for '25

Time to Buy the Dip on Nvidia Stock

NVDA has pulled back to a historically bullish trendline

Deputy Editor
Jul 22, 2024 at 12:30 PM
facebook X logo linkedin


Even after losing roughly 6% over the last five trading days, Nvidia Corp (NASDAQ:NVDA) stock once again sat atop Senior Quantitative Analyst Rocky White's list of tickers that attracted the most options volume during the last two weeks. Over that period, NVDA saw 65,335,952 calls and 37,975,555 puts traded. Most popular during this time period was the weekly 7/12 130-strike call. 

NVDA MAO Chart Jlye 222024

Call traders could see their bets pay off soon, as NVDA is within one standard deviation of a historically bullish trendline. Specifically, the security's pullback placed it near its 50-day moving average. According to a separate set of data from White, Nvidia stock flashed seven similar signals over the past three years. The stock was higher a month later 71% of the time, and averaged a 10.5% gain.

Last seen 3% higher to trade at $121.52, a move of similar magnitude would put the shares within striking distance of their June 20 all-time high of $140.76. Already up 144.8% in 2024 thanks to artificial intelligence (AI) tailwinds, NVDA also boasts an impressive 173.7% year-over-year gain.

NVDA Chart July 222024

 

 
 

Which of These SUB-$5 Stocks Could 26x From Here? (AD)

He called a rare 11x on Tesla…

Then he called a 26x on Workhorse…

Then an even rarer 35x on Nio Inc…

Now Tim Bohen says these 5 tiny “America First” stocks are next up in 2025.

They’re trading for less than $5 right now.

But thanks to Elon & Trump’s new alliance…

They could be off to the races in Trump’s first 100 days.

And right now for a limited time…

You can get the names & tickers for just $1 here. (AD)

10 Stock Picks FREE
 
 

Featured Articles from Trusted Partners:

🚀 One Stock Pick Could Change Everything in 2025
What if one stock pick could define your success next year? Get 10 expert-vetted stocks set for 2025—plus 5 bonus picks to watch now. Get the Report →

🆕 New Options Need New Trading Strategies
Zero-DTE options are the newest (and hottest) options to trade.  Professional traders have rushed into the market and are making a mint.  Don’t get left behind - learn all about these options, how to trade them, market setups to profit from, plus much more. Download now →

👀 Revealed: 3 Defensive Stocks for Your Portfolio
Worried about the market? This free report reveals 3 under-the-radar defensive stocks for uncertain times in any kind of economy.

 

 
 

FREE Report Download

 

Follow us on X, Follow us on Twitter