Watch for Shares of Nvidia (NVDA) to Approach Support at $12.05

Dec 27, 2012 (SmarTrend(R) News Watch via COMTEX) -- Nvidia (NASDAQ:NVDA) has opened bearishly below the pivot of $12.28 today and has reached the first level of support at $12.15. Analysts will be watching for a cross of the next downside pivot targets of $12.05 and $11.82.

In the past 52 weeks, Nvidia share prices have been bracketed by a low of $11.15 and a high of $16.90 and are now at $12.04, 8% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.2%.

Nvidia (NASDAQ:NVDA) has potential upside of 29.2% based on a current price of $12.04 and analysts' consensus price target of $15.56. The stock should run into initial resistance at its 50-day moving average (MA) of $12.26 and subsequent resistance at its 200-day MA of $13.15.

SmarTrend recommended that its subscribers protect gains by selling shares of Nvidia on September 5th, 2012 by issuing a Downtrend alert when the shares were trading at $13.35. Since that call, shares of Nvidia have fallen 8.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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