NVDA: Hit a KEY RESISTANCE level! Will it remain bullish?
• NVDA is incredibly bullish, as it is still doing higher highs/lows, trading consistently above the 21 ema, and there’s not a single top sign on it;
• However, we must pay attention to some key points. First is the black line at $170, which is a key resistance for NVDA;
• Only by breaking the $170, NVDA will resume the bullish momentum and seek the next target at $190 – so far, there’s evidence it won’t do that;
• On the other hand, if NVDA loses strength and fails in breaking this resistance, and loses the dual-support area made by the 21 ema + purple trend line, then we’ll know that the trend got weaker;
• Right now, NVDA is trapped between the key resistance and the dual-support level, almost doing an upwards breakout;
• Now it is not the time to buy, as the buy signal was given to us near the $155, as I said in my previous analysis (link below this post), when it reacted just above our key support level (a trade with low risk/high reward). Now it is time to manage positions the best way we can;
• Either way, I’ll keep you updated on this.
Remember to follow me to keep in touch with my analyses!
• However, we must pay attention to some key points. First is the black line at $170, which is a key resistance for NVDA;
• Only by breaking the $170, NVDA will resume the bullish momentum and seek the next target at $190 – so far, there’s evidence it won’t do that;
• On the other hand, if NVDA loses strength and fails in breaking this resistance, and loses the dual-support area made by the 21 ema + purple trend line, then we’ll know that the trend got weaker;
• Right now, NVDA is trapped between the key resistance and the dual-support level, almost doing an upwards breakout;
• Now it is not the time to buy, as the buy signal was given to us near the $155, as I said in my previous analysis (link below this post), when it reacted just above our key support level (a trade with low risk/high reward). Now it is time to manage positions the best way we can;
• Either way, I’ll keep you updated on this.
Remember to follow me to keep in touch with my analyses!
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