Nvidia 's long rally could be giving way to a consolidation period that lasts for months, according to Renaissance Macro Research chairman Jeff DeGraaf.
"I think we're stalled here for Nvidia," DeGraaf said Monday on CNBC's "Money Movers ."
This combination of a big rally plus elevated trading activity suggests that the stock is overheated, according to DeGraaf.
The stock was trading near the $870 level on Monday.
This period could take three to six months, DeGraaf said, and he compared it to a brief slump Nvidia had last summer.
Persons:
Jeff DeGraaf, DeGraaf, It's
Organizations:
Nvidia, Macro