NVDA: Could it REVERSE? Let's see.
Hello traders and investors! Let’s see how NVDA is looking today!
Since it lost the 21 ema, NVDA frustrated any possibility of a bullish reaction, and we are still trading under it. Clearly, NVDA is not bullish, but the bearish sentiment is getting weaker, at least.
It seems we found a bottom around $ 155 again, and since then, NVDA is just moving sideways, respecting this support level, while it can’t properly reverse. The volume is increasing as well, but unfortunately, there’s no clear bullish reversal structure on it right now, just signs of bearish weakness.
In the 1h chart, NVDA is doing clearer bullish structures. We see a Double Bottom chart pattern above the red line at $ 155, and a possible bullish pivot point, if we break the $ 170. The problem is that it must not lose the 21 ema again, otherwise, it’ll frustrate this pivot point and seek the $ 155 again (or maybe just fill the last gap at $ 159).
Despite the good bullish signs, I always prefer to see some confirmation first, as NVDA is still bearish, and the market is very volatile. If we do confirm a bullish reversal, NVDA will retest the $ 200 area mid-term.
I’ll keep you guys updated, so remember to follow me to keep in touch with my daily analyses!
Since it lost the 21 ema, NVDA frustrated any possibility of a bullish reaction, and we are still trading under it. Clearly, NVDA is not bullish, but the bearish sentiment is getting weaker, at least.
It seems we found a bottom around $ 155 again, and since then, NVDA is just moving sideways, respecting this support level, while it can’t properly reverse. The volume is increasing as well, but unfortunately, there’s no clear bullish reversal structure on it right now, just signs of bearish weakness.
In the 1h chart, NVDA is doing clearer bullish structures. We see a Double Bottom chart pattern above the red line at $ 155, and a possible bullish pivot point, if we break the $ 170. The problem is that it must not lose the 21 ema again, otherwise, it’ll frustrate this pivot point and seek the $ 155 again (or maybe just fill the last gap at $ 159).
Despite the good bullish signs, I always prefer to see some confirmation first, as NVDA is still bearish, and the market is very volatile. If we do confirm a bullish reversal, NVDA will retest the $ 200 area mid-term.
I’ll keep you guys updated, so remember to follow me to keep in touch with my daily analyses!
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