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Nvidia Stock Moves Into Buy Range, Supported By Three-Weeks Pattern

Nvidia stock moved into buy range Thursday after forming a three-weeks-tight entry and is now trading at a 15-month high.

As a leader in computer graphics chips, Nvidia (NVDA) is also on the IBD Leaderboard list of top performing stocks.

The three-weeks-tight pattern forms when a stock closes within 1% to 1.5% of the prior week's close for two straight weeks.

Nvidia stock climbed 1.1%, closing at near 243.02 on the stock market today. The buy point on Nvidia stock is 241.91, extending to 254.

The company long has been a leader in computer graphics used in video games, but it is also making new inroads in virtualization, data center and automotive markets. Its current work centers on hot trends in technology, virtual reality, artificial intelligence and self-driving cars.

IBD's Composite Rating on Nvidia stock stands at 97 out of a possible 99 and a Relative Strength Rating of 94.

Nvidia stock and other chip issues have been among the top-performing industry groups. Qualcomm (QCOM) is close to a buy point of 90.56, extending to 95.10.

Qualcomm stock climbed 1.4%, near 89.91 in Thursday trades.

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