NVIDIAShort
NVIDIA Update
Updated
This is just a follow up for the chart I have linked above, not sure how to add charts onto my previous Idea so just going with this.
Haven't been able to update due to internet issues but everything's up and running now.
Went short on Nvidia at 480, it really felt overcooked above this level and so far it has played out in our favour, even after breaking above $500.
In this chart we can see that Nvidia has broken the short term uptrend and is closing in on the larger uptrend that Nvidia has been holding (around $442 level).
I'd expect to see a small bounce on that trend as bulls try to keep it in play, however I think we will break down from there. I am short on Nvidia and will be holding it until $386 & $334 are hit, from these levels I will be adding stop losses in profit. Even though I am short on Nvidia and think there's still a lot of room for it to fall I will be buying Calls to hedge my short.
This short is not taking into consideration the fraudulent rumours that are going around regarding earnings and what not. I don't believe them to be true, and if they are then it will benefit my position but until it is officially confirmed I will be looking at them as just noise.
Note
Looks like Nvidia retested the short term uptrend and rejected it. Would expect it to now go lower and test the big weekly support. Breaking that Weekly support would result in a potential large move down
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