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Nvidia Corporation (NASDAQ:NVDA) opened about 6.6% higher on Thursday after printing better-than-expected second-quarter earnings and announcing a $25 billion share buyback.
Benzinga predicted Nvidia was likely to trade higher on Thursday, due to the uptrend the stock has been trading in since Aug. 14. When the semi-conductor and AI stock opened Thursday’s trading session, it reached a new all-time high but began to drop on high volume, almost completely closing the lower gap, before popping up slightly higher.
Although Nvidia remains in an uptrend, a pullback is likely to come over the next few days because the stock will need to print a higher low and its relative strength index (RSI) is edging toward the 70% mark.
Bearish On Nvidia? Short-term traders looking to hedge a long position, play the dips within a potential continued uptrend or those who believe Nvidia will fall more substantially over the next few days, can play retracements using the AXS 1.25x NVDA Bear Daily ETF (NASDAQ:NVDS).
NVDS is a leveraged ETF aiming to track 125% of the opposite daily performance of NVDA. This leverage boosts trade performance, potentially turning small, brief dips in Nvidia’s stock into significant gains for traders. Using this ETF eliminates the need to borrow NVDA stock from your broker to sell short, offering retail traders an easy and convenient way to play Nvidia bearishly.
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The Nvidia Chart: Nvidia is likely to retrace on Friday or on Monday because the stock is working to print a hanging man candlestick on the daily chart. When a hanging man candlestick is found at the top of an uptrend, it can indicate the local top has occurred and a retracement is on the horizon.
The NVDS Chart: NVDS reached a new all-time low of $32.93 on Thursday, which prompted traders who are bearish on Nvidia to come in and buy the dip in the short ETF. NVDS was working to print a bullish Marubozu or inverted hammer candlestick on Thursday, which could indicate the local bottom has occurred and the ETF will rise on Friday.