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Nvidia's Latest Power Surge May Be Just the Beginning

Holiday time could be another good one for this chip name.
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Nvidia (NVDA) is one of those stocks everyone loves to jump in on. It was biggest gainer in the S&P 500 in 2016. Many thought this would slow down this year, but that certainly hasn't been the case -- it is up another 69% this year (and another 9% today).

Friday's surge was impressive and on higher volume, we like this move upward into new high territory. The stock has a strong uptrend line, a series of higher lows and now higher highs.

Note the high volume breakout in May that had follow-through. NVIDIA surged some 40% over the next month! If that pattern repeats, the holiday time could be another good one for this chip name.

It will be key is to watch for more upside this week. We could see the stock take the path of the yellow line.

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This commentary was originally sent to subscribers of Trifecta Stocks at 9:06 a.m. on Sept. 18. Click here to learn more about this dynamic portfolio and market information service.

Nvidia is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells ? Learn more now.

At the time of publication, Lang and Trifecta Stocks had no position in NVDA.

Action Alerts PLUS, which Jim Cramer manages as a charitable trust, is long NVDA.