Nvidia stock is the most overbought since just before the start of the November 2021-October 2022 bear market, but bulls shouldn't worry too much, yet.
The monster rally in Nvidia Corp.’s stock following the semiconductor maker’s stunningly bullish revenue outlook has produced the most oversold reading by one widely followed technical metric since just before the previous record close in November 2021.
The stock NVDA climbed 2.3% in afternoon trading toward a record close Friday, a day after rocketing 24.4% following the chip maker’s blowout earnings report. Many actually interpret an overbought RSI reading as sign of strength, as the ability to become overbought suggests the charted instrument must be in a bullish trend. As the chart below shows, Nvidia’s RSI indicator had crossed above the overbought threshold of 70 multiple times in the past five years, but with the latest foray it has passed the extreme overbought line of 80 just five times.The last time RSI peaked above 80 was Nov. 8, 2021 when it reached 89.
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