Nvidia is a stock to watch at Wednesday’s close. The recent rally in the giant tech stocks that serve as everyone’s barometer for artificial intelligence is approaching a milestone. The market darling was on course for a sixth consecutive session of gains on Wednesday and is now close to its all-time closing high of $135.58 hit in late June. It hit a high of $134.52 during Wednesday’s trading session. Last time I checked, there were basically no changes that day. Nvidia shares were higher in early trade, helping the S&P 500 hit a new intraday high. Nvidia’s record closing price, along with the S&P 500’s record closing price, may indicate to some that the artificial intelligence trading that fueled the bull market has restarted. NVDA YTD Peak Nvidia To be sure, Fairlead Strategies founder and leading chart analyst Katie Stockton would like to see Nvidia break out of its intraday highs around $140 before becoming bullish on the stock. She expects the stock to show counter-trend indicators at some point — signaling it’s time to sell. She’s not optimistic about the stock’s long-term view and said the market darling may be stagnant for a while. She said the stock’s upper limit is around $140 to $141, while lower support is around $97. “We just feel like this could be a range-bound environment,” Stockton said. “And we prefer to use strength to sell rather than add new exposure.”
