NVDA double top and reversal
NVDA has hit resistance twice at the same area, indicating a double top. The neckline is highlighted in pink, the pattern itself in yellow. There is a big earnings gap from when NVDA took off and became ridiculously expensive.
I think it would be considered very risky for anybody to buy now at these prices. The earnings gap is the gray box, also a price target.
A break of $400 would confirm the double top pattern. I think it's important to try and find developing patterns and lay out some probable scenarios. It's often too late to get in after a pattern is confirmed because everybody is expecting the same move and the move gets exaggerated.
Happy Trading and Merry Christmas!
I think it would be considered very risky for anybody to buy now at these prices. The earnings gap is the gray box, also a price target.
A break of $400 would confirm the double top pattern. I think it's important to try and find developing patterns and lay out some probable scenarios. It's often too late to get in after a pattern is confirmed because everybody is expecting the same move and the move gets exaggerated.
Happy Trading and Merry Christmas!
Note
too much strength in this name, out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.