As a result, it might not turn on the buyback machine until sometime in fiscal 2021, most likely in the spring. Twitter: opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.The company has said that it won’t make any more share repurchases of NVDA stock until it closes its acquisition of Mellanox Technologies (NASDAQ: MLNX), which is expected by the end of this calendar year. The recent earnings reaction sent it to all time highs and now shares are re-testing the breakout area. The downside risk couldn’t be more well defined for bulls. Zillow Group (ZG) is holding a long time pivot level. Many software names have similar looks and extremely high valuations. The stocks have been able to shrug off valuation concerns time and again, but an exogenous shock is the type of thing that can lead to re-ratings. Does this consolidation hold and continue in a move higher? 227 would clear the prior swing high.Ĭan software leader Alteryx (AYX) break to new highs? Or is this a double top? The risk-reward clearly favors the bears until this breaks new highs or tests the bottom of the range or the 200 week moving averageĪlibaba (BABA) is trading in what appears to be a bullish consolidation. That’s important because the 2018 high is one of the larger divergence peaks you’ll see. On the recent selloff in Nvidia (NVDA), it became a fake breakout of the 2018 highs.
The stock is testing this major resistance from late 2018.Ĭan it break through? It really lagged payments and growth in 2019. If it can’t break through, you can make the argument this is a range and there is risk down to the 50s Today, we look at some stocks that have interesting setups, and warrant putting on your radar through this stock market correction.
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