NVIDIA (NVDA) was the undisputed champ of 2016, racking up gains of nearly 300%. Following up on that outstanding performance is going to be quite a hefty task. Many analysts believe much of its future earnings were rolled up in those gains, so even if the company beats earnings, the stock price might not move much. On top of that, 2017 has been a struggle so far, marked by downgrades and high volume sell-offs.

However, we may be seeing some daylight now, with strong turnover and a possible push over some very stiff resistance. A double top is in place now, with resistance sitting around its all-time high of $120. The MACD just turned to a strong buy signal, and the stock shows a good trajectory upwards. Relative strength is impressive, and the recent gap has been nearly filled. I think NVIDIA will move up and out to challenge those old highs very soon.

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