The sky’s the limit for NVIDIA Corp. (NVDA), with the graphics and systems-on-a-chip superstar posting a phenomenal 232% year-to-date return. The consistent failure by rival Intel Corp. (INTC) to produce fast chips on time has altered the semiconductor landscape, allowing this market leader to take substantial and potentially permanent market share. Only a fool would call a long-term top in this historic advance, making it hard to bet against the company ahead of Wednesday’s earnings report.
Dow component Walmart Inc. (WMT) has crawled back to September 2020 resistance for the third time, raising hopes the retail mega-cap will break out following Tuesday’s Q3 2021 earnings report, when the company is expected to post a $1.39 per-share profit. However, WMT is navigating a minefield of skyrocketing wages and supply chain disruptions, just like other retailers, so a quarterly shortfall can’t be ruled out.
Ripple’s XRP (XRP/USD) owners have watched in frustration since April as Bitcoin lifts into the stratosphere while their investment enters the seventh month of a pullback off a three-year high at 1.96895. Price action during this period has compressed between rapidly converging trendlines now at 1.30 and 1.00, suggesting that a breakout or breakdown is likely prior to year’s end. The cryptocurrency reversed last week at trendline resistance, exposing another 20% slide into support.
Commodity inflation has expanded well beyond agricultural and metals market and into uranium, which is enjoying the most robust price gains since 2007. Global X Uranium ETF (URA) has emerged as a popular way to play the uptrend, with the fund gaining more than 430% since the March 2020 low. Better yet, the rally has just mounted September resistance in the upper 20s, opening the door to continued gains that could reach the $40 level in 2022.
Tesla Inc. (TSLA) got beat up last week, dropping more than 15% after CEO Elon Musk sold about $6.9 billion in shares to raise capital for an astronomical tax bill. Unfortunately, it will take more than one week to ease overbought technical readings following the 11-day 45% advance into the Nov. 4 all-time high at 1243.49. In turn, that sets up a potential entry if and when the decline fills the Oct. 25 gap between 910 and 945, which has now perfectly aligned with the 50-day moving average.
For a look at this week’s economic events, check out our earnings calendar.
Disclosure: the author held no positions in aforementioned securities at the time of publication.
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