NVDA: A Dangerous Pattern Appears.
• NVDA is doing a pullback to its 21 ema, which is a normal movement. The problem is that this correction is occurring after it found a strong resistance at 280;
• This could be the beginning of a Double Top chart pattern. In order to trigger this pattern, NVDA would have to lose the 263 support line, which is the previous bottom area;
• In this scenario, NVDA would seek the 244, the next support line;
• In order to avoid this bearish thesis, it is important to see NVDA doing a bullish reaction, preferably above the 21 ema, and breaking the 280 as soon as possible;
• So far, it seems NDA is just doing some range trading between its two key support/resistance lines.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
• This could be the beginning of a Double Top chart pattern. In order to trigger this pattern, NVDA would have to lose the 263 support line, which is the previous bottom area;
• In this scenario, NVDA would seek the 244, the next support line;
• In order to avoid this bearish thesis, it is important to see NVDA doing a bullish reaction, preferably above the 21 ema, and breaking the 280 as soon as possible;
• So far, it seems NDA is just doing some range trading between its two key support/resistance lines.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
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