NVDA - Push above $170 this week
Updated
Looking at a double bottom move here that was successful as it pushed above the $160 zone. The pull back after hitting 168 today could form a Cup & Handle which if we see a pull past 168, the next level of resistance I expect is $175. Although I am not an experienced option trader (usually trade small to mid cap stocks) I do however believe this is an opportunity to capitalize on some good moves this week.
The Pelosi's have exercised their 200 June 17th call options instead of letting them expire while spending a total range of 1-5 Million in purchases of NVDA. This came as news just as we near the decision on the approval from the house for the CHIPS act. Could this be an indicator that the CHIP act will pass and that we can expect to see a strong pull up on NVDA? Time will tell but news aside, I like the technical setup here as well. (Not Financial Advice)
The Pelosi's have exercised their 200 June 17th call options instead of letting them expire while spending a total range of 1-5 Million in purchases of NVDA. This came as news just as we near the decision on the approval from the house for the CHIPS act. Could this be an indicator that the CHIP act will pass and that we can expect to see a strong pull up on NVDA? Time will tell but news aside, I like the technical setup here as well. (Not Financial Advice)
Note
Cup & Handle successful with a break above $170. Next zone of resistance is $175 and it can open up from thereNote
Will be interesting to watch how pre-market activity looks like tomorrow. The day traded exactly as planned. If we see a hard rejection at 175 I will not be surprised based on levels of resistance. However with the bullish sentiment of news and all, I honestly would not be surprised to see this blow past 175
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