MarketWatch: “Nvidia’s stock could rise above $600 — despite signs it’s already overbought”
By datatrekresearch in IN THE NEWS
Excerpt from MarketWatch quoting DataTrek co-founder Jessica Rabe:
.... "And as DataTrek Research co-founder Jessica Rabe wrote, even though Nvidia’s stock is at an all-time high, it has “yet to reach statistically significant overbought levels.”
As the above RSI chart shows, some previous similarly high readings may have prompted brief pauses in the stock’s rally, but they didn’t derail the uptrend.
The same holds for the last times the stock was as far above the top Bollinger Bands line as it is now.
Rabe noted that momentum is a powerful tool. Basically, she said, she won’t be tempted by an unusually big rally into overbought territory to bet on a pullback.
“We stick by our cardinal rule to ‘never short a new high,'” she wrote"...
Full article here on MarketWatch.
