NVIDIAShort
NVDA MAKES TEXTBOOK HEAD & SHOULDERS RETRACE
As the Q's bounce a bit today, NVDA has retraced from a break in the neckline (yesterday) of its current Head & shoulders pattern.
The possibility of some float upwards still exists, with a what looks to me to be a likely break back down in the near future, so here are some interesting levels of confluence to consider.
Note the correlations in support levels (both diagonal and horizontal), trend lines, a long term parallel channel, a fib retrace, and upper resistance levels.
While I a greet that NVDA has a bright long-term future, apparent capital rotation, a decrease in demand (should inflation remain steady or increase), unchanged interest rates, and any economic slowdown may push NVDA's near/short term path downward.
The possibility of some float upwards still exists, with a what looks to me to be a likely break back down in the near future, so here are some interesting levels of confluence to consider.
Note the correlations in support levels (both diagonal and horizontal), trend lines, a long term parallel channel, a fib retrace, and upper resistance levels.
While I a greet that NVDA has a bright long-term future, apparent capital rotation, a decrease in demand (should inflation remain steady or increase), unchanged interest rates, and any economic slowdown may push NVDA's near/short term path downward.
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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.