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Nvidia (NVDA) Showing Signs of Bullish Reversal

Nvidia $NVDA has been consolidating since late 2018, after the correction from $290 to $124. On the daily chart, we can see that price has essentially ranged from above $130 to around $190. 

NVDA Daily Chart

(click to enlarge)

Signs of Bullish Reversal:
- The first sign of bullish reversal is the fact that the RSI has pushed above 70, but did not come back below 30.
- Similarly, price has not come back to test the 2018-lows.
- This dynamic shows us that bears don't have any momentum anymore. It shows a slight bullish bias within a sideways market.
- In July price broke above the 200-day simple moving average (SMA), but pulled back below it.
- In August price broke above the 200-day SMA again, but this time it held above this SMA as well as the 100-day and 50-day SMAs.
- This is a classic bullish "slingshot" signal.
- With price now pushing above the July high, NVDA is showing signs of a bullish reversal with at least the $200 mark in sight  (another 11%-12%).
- If the general market shakes off the nerves from the summer, NVDA might be able to reach $200 before the end of the year. 

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