Good week everyone,
Good week for nvidia users, are you enjoying playing minecraft on your RTX 2080 TI SLI on 4k so far? I do hope so =)
Lets take a look on our NVDA stock, we can see on the history that NVDA pretty much rallied up from dips toward ATH on 292 usd level and then a HUGE SELL OFF toward 125usd zone losing 56% of value!
So what now?
Now, 120usd is a HUGE support level (resistance before) not only because the sell off stopped there but weekly 200SMA approaches this level as well.
Looking and DAILY chart we can see the price might be forming a HS formation meaning accumulation time! This can be also confirmed by the increasing volume on the buying waves and decreasing volume on selling waves.
So what?
Standard trade, wait for a breakout of the HS formation of course, what do you expect? im just a trader not a magic guy ;)
Primary target near 200 USD zone , weekly 50% fibo retration and a strong even number and therefore psichologic resistance.
S.L around 142 level (if you believe on this stock you can just leave the S.L under 120 usd and wait for the rally, if this ever happen again)
Nothing further, enjoy the idea? leave a like, i really appreciate
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Good week for nvidia users, are you enjoying playing minecraft on your RTX 2080 TI SLI on 4k so far? I do hope so =)
Lets take a look on our NVDA stock, we can see on the history that NVDA pretty much rallied up from dips toward ATH on 292 usd level and then a HUGE SELL OFF toward 125usd zone losing 56% of value!
So what now?
Now, 120usd is a HUGE support level (resistance before) not only because the sell off stopped there but weekly 200SMA approaches this level as well.
Looking and DAILY chart we can see the price might be forming a HS formation meaning accumulation time! This can be also confirmed by the increasing volume on the buying waves and decreasing volume on selling waves.
So what?
Standard trade, wait for a breakout of the HS formation of course, what do you expect? im just a trader not a magic guy ;)
Primary target near 200 USD zone , weekly 50% fibo retration and a strong even number and therefore psichologic resistance.
S.L around 142 level (if you believe on this stock you can just leave the S.L under 120 usd and wait for the rally, if this ever happen again)
Nothing further, enjoy the idea? leave a like, i really appreciate
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Note
Just a quick one about that "spike" on the HS that some people may say "hey this hs doesnt work"The HS / reverse HS concept is all about accumulation/distribution
Buying waves getting with larger volume/selling waves with smaller volume and the opposite for the inverse.
This is happening, furthermore, that spike quickly went under the neckline again, meaning that was likely an artificial/manipulated movement of the market made by big players.
Overall, this doesnt mean NVDA will rally toward 200 =p
This is just to explain why IMO this HS is valid.
Note
Looking good , nice candle, good volume . Lets see how it'll open tomorrow on faster timeframes (like 5m), can be a good confirmation of breakout (or trap)
Note
AMazing movement so far, a pullback is expected anytimeNote
Getting close daily 200SMA, but volume still looks goodNote
Price rejected SMA 200, nothing we cant expect right? volume still looks good, get ready for more action next week =)Note
Price just consolidating right now, looks like an isometric triangle, a break above can give nvda the strenght to break up daily 200 sma and reach target.Note
Nice upside! the low volume on red candles these week show no interest on sell right now, good behaviour and next stop should be our tp level, have a great weekend.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.