NVDA Charting and Overview (Short-Term Short)
Updated
Hi Traders,
Here's my overview of NVDA stock from technical perspective using basic charting and ignoring all the AI frenzy.
1. On 4h time frame I could spot a bigger parallel channel which sits on March 24 highs, Jun 24 highs, August 24 lows (Gap closing). Based on this channel alone, the next target/resistance is ~136 per share area.
2. Also, there is another rising parallel channel which started on the lows of 6th of September. Since then,
NVDA has been printing higher highs until today. This channel upperband is also ~136 area.
3. Finally, if we take a closer look at previous highs where the price pivoted, you can find July 2024 high was the one and was ~136 (136.15 to be precise).
This way we have 3 (three) technicals signaling 136 level is a strong resistance and the price might retrace from there at least 4% (down to 130 where another support sits).
By the time I am writing this, the price is already in 134 area and I expect it to reach at least 130.
Tony.
Here's my overview of NVDA stock from technical perspective using basic charting and ignoring all the AI frenzy.
1. On 4h time frame I could spot a bigger parallel channel which sits on March 24 highs, Jun 24 highs, August 24 lows (Gap closing). Based on this channel alone, the next target/resistance is ~136 per share area.
2. Also, there is another rising parallel channel which started on the lows of 6th of September. Since then,
NVDA has been printing higher highs until today. This channel upperband is also ~136 area.3. Finally, if we take a closer look at previous highs where the price pivoted, you can find July 2024 high was the one and was ~136 (136.15 to be precise).
This way we have 3 (three) technicals signaling 136 level is a strong resistance and the price might retrace from there at least 4% (down to 130 where another support sits).
By the time I am writing this, the price is already in 134 area and I expect it to reach at least 130.
Tony.
Note
AI-tidal wave is something which easily disregards whatever technicals are:
Note
Note
Trade closed: target reached
Target reached.
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