When to buy NVDA? Great company but overbought for now. #RSI #DMI
Channel: DanMarket Investor Channel (DanMarketL)
Date: 31/05/2023

Nvidia is a great company which recently announced awesome earnings guidance because of the success of their CUDA toolkit and their GPU graphic processors, which give them a dominant position in the fast growing Artificial Intelligence market.
Nvidia’s stock price is now at 384.44 and is above the daily upper Bollinger Band of 392.64.  The daily RSI value is very high.  The weekly RSI value is also very high.  Because of the overbought situation, the price has dropped 4.2% so far today.  
I expect to buy Nvidia shares again when it has settled down to a more reasonable price and starts to rebound in the next few days  I will be using the hourly DMI indicator to trigger my buy signal.
As you can see, the blue line of the hourly DMI signal is below the yellow line, which is a short-term bearish signal.  When the blue line gets above the yellow line, I will most likely be buying.

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