In our previous publication (March 2014 - $18.54 [U.S.]) we reported that Nvidia Corp. had a breakout from the large trading range (dashed lines) and started a new up-leg. Following our report, the stock continued to rise and reached a recent high of $33.81 for an 82-per-cent appreciation in less than two years (A). The recent sharp rise from about $20 to $33 produced an extremely overbought condition. A minor correction toward $28-$29 would be healthy and would provide a new entry opportunity. After a correction, Point & Figure measurements provide a target of $37.
Monica Rizk is the senior technical analyst and Ron Meisels is the president of Phases & Cycles Inc. and he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com.