The Momentum Is Still Positive for This Winning Stock

There are many ways to invest in the market. One strategy is to follow stocks that have been going up. This is known as momentum trading.

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  • While many investors expect the market to potentially change with the start of a new calendar year, it’s likely that momentum will carry forward into the first months of 2024. That means that many of 2023’s big winners still have some upside in the coming months.

    The runaway winner for 2023 has been graphic processing unit designer Nvidia (NVDA). Even with a recent pullback, shares have sported triple-digit gains this year.

    Next year may see a lower return, but it will still likely be a positive one. The company remains the runaway winner for chips for the AI rollout, even as the competition is heating up.

    Thanks to a 205 percent surge in revenues and a 1,260 percent surge in earnings, Nvidia is valued at just 23 times forward earnings, even after its big run.

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  • Action to take: Investors may find better long-term opportunities as competition heats up. Until then, however, Nvidia’s momentum should take it to new highs in the first quarter of 2024.

    For traders, the March 2024 $550 calls, last going for about $13.75, could see mid-to-high double-digit returns on a continued rally from here.


    Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.

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