On August 13 we checked in on the charts of Nvidia Corp. ( NVDA) to see how they looked after its stock split. We wrote that, “Traders may have been stopped out in late July. Traders who are flat could go long NVDA at current levels with a $184 stop now. $240 is our first price target.”
NVDA looks like it will make a new 52-week high this Monday morning. Let’s check the latest charts.  

In the daily bar chart of NVDA, below, we can see that the shares  look poised for an upside breakout from a short-term bullish consolidation pattern. Prices have made higher lows in July and August and equal highs since early July. We appear to be approximately three-quarters of the way through this “triangle-like” pattern and we should see an upside breakout at any time now. Prices are above the rising 50-day moving average line as well as above the slower-to-react 200-day line.
Trading volume surged higher last week and the daily On-Balance-Volume (OBV) line is ready to make a new high to confirm and support the price gains. The Moving Average Convergence Divergence (MACD) oscillator has narrowed recently and looks poised for a new outright buy signal. 
 
In this weekly Japanese candlestick chart of NVDA, below, we see that prices are knocking on new highs. Lower shadows the past two weeks tell us that traders are rejecting the lows and the path of least resistance should be higher. The slope of the 40-week moving average line is bullish.
The weekly OBV line is strong and so is the MACD oscillator. 
In this daily Point and Figure chart of NVDA, below, we can see a new and slightly higher price target of $248. 
In this second Point and Figure chart of NVDA, below, where we used weekly price data, it is projecting the $311 area as a price objective.
 
Bottom-line strategy: Continue to hold new longs of NVDA. Use a new high close to raise stops to $191 from $184. The $248 area is our first price target.

(Nvidia is a holding in Jim Cramer’s Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells NVDA? Learn more now.)

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