NVDA: Reversing the Trend - D & W charts.
The NVDA stock chart, viewed on both daily and weekly timeframes, presents a significant technical picture with clear pivot points and support levels that are shaping its current market behavior.
Daily Chart Analysis:
On the daily chart, NVIDIA has shown a bullish pivot point triggered near the $108.80 level, which has led to a rebound in the stock price. The move above this pivot suggests a potential shift in momentum, with the price now approaching the next resistance level around $120.16. This area may act as a psychological barrier, as it aligns with previous highs where sellers previously exerted pressure. The recent upward movement indicates a strong recovery from the $96.02 support level, which was a gap support, showing that buyers are stepping in to defend these lower prices.
Weekly Chart Analysis:
The weekly chart highlights the importance of the $97.40 level, near the gap support seen on the daily chart, which represents a major long-term support zone. This area has been tested as a resistance level in March 2024, and now it is a support level (Principle of Polarity), indicating its significance in the overall trend. The price's ability to stay above this level reinforces the bullish sentiment seen on the daily chart. Moreover, the proximity of the 21-week EMA to the current price suggests that this moving average could act as a dynamic support, helping to maintain the upward trajectory. Last week, the price did a false breakout from this key point.
Conclusion:
NVDA's recent price action is showing signs of recovery after testing critical support levels. The bullish pivot point on the daily chart is a key signal that could lead to further gains if the price can overcome the resistance at $120.16. On the weekly chart, the solid support around $97.40 provides a strong foundation for the stock's longer-term trend. For now, we should watch these levels closely as they will likely determine the next direction for NVIDIA's stock price. If the price manages to hold above the support and continue its ascent, it could signal a renewed bullish phase for the stock.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
Daily Chart Analysis:
On the daily chart, NVIDIA has shown a bullish pivot point triggered near the $108.80 level, which has led to a rebound in the stock price. The move above this pivot suggests a potential shift in momentum, with the price now approaching the next resistance level around $120.16. This area may act as a psychological barrier, as it aligns with previous highs where sellers previously exerted pressure. The recent upward movement indicates a strong recovery from the $96.02 support level, which was a gap support, showing that buyers are stepping in to defend these lower prices.
Weekly Chart Analysis:
The weekly chart highlights the importance of the $97.40 level, near the gap support seen on the daily chart, which represents a major long-term support zone. This area has been tested as a resistance level in March 2024, and now it is a support level (Principle of Polarity), indicating its significance in the overall trend. The price's ability to stay above this level reinforces the bullish sentiment seen on the daily chart. Moreover, the proximity of the 21-week EMA to the current price suggests that this moving average could act as a dynamic support, helping to maintain the upward trajectory. Last week, the price did a false breakout from this key point.
Conclusion:
NVDA's recent price action is showing signs of recovery after testing critical support levels. The bullish pivot point on the daily chart is a key signal that could lead to further gains if the price can overcome the resistance at $120.16. On the weekly chart, the solid support around $97.40 provides a strong foundation for the stock's longer-term trend. For now, we should watch these levels closely as they will likely determine the next direction for NVIDIA's stock price. If the price manages to hold above the support and continue its ascent, it could signal a renewed bullish phase for the stock.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
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