NVDA: What's next?
Hello traders and investors! Let’s study NVDA today! There are some important points to keep in mind.
First, it did a double top at the black line ($ 532.23), but the pattern wasn’t triggered. Only if NVDA loses the red line at $ 505.51 the bearish pattern will be triggered, and it could drop all the way down to its previous support at the purple line ($ 468.39).
Meanwhile, the 21 ema will offer a support for the price.
Also, we can see 2 gaps here: One Breakaway Gap that started the drop, and the gap left on Monday, which we don’t know what kind of gap is. If it is a Common Gap, it will be filled in the next few days, and it will help to drag the price down to the purple line.
If it is another Breakaway Gap, then NVDA probably will defeat the black line and it will seek its resistances. The only resistance left is the All Time High.
The daily chart can offer us some interesting insights:
Now the 21 ema is flat again, something we don’t see since February, but NVDA is trading above it, which is good.
But a pullback to the black trendline would be something acceptable for NVDA and it wouldn’t change the long-term bull trend. So, no need to panic if you see a sharper pullback, ok? This is expected.
The last four candlesticks were bearish, but NVDA is moving erratically. The hourly chart is clearer in my opinion, and I would use the points I previously mentioned to guide myself.
Also, since you’ve made this far, please, support this idea! And you are invited to follow me to keep in touch with my daily analyses. I’m sure you’ll find something interesting around here.
My best regards.
First, it did a double top at the black line ($ 532.23), but the pattern wasn’t triggered. Only if NVDA loses the red line at $ 505.51 the bearish pattern will be triggered, and it could drop all the way down to its previous support at the purple line ($ 468.39).
Meanwhile, the 21 ema will offer a support for the price.
Also, we can see 2 gaps here: One Breakaway Gap that started the drop, and the gap left on Monday, which we don’t know what kind of gap is. If it is a Common Gap, it will be filled in the next few days, and it will help to drag the price down to the purple line.
If it is another Breakaway Gap, then NVDA probably will defeat the black line and it will seek its resistances. The only resistance left is the All Time High.
The daily chart can offer us some interesting insights:
Now the 21 ema is flat again, something we don’t see since February, but NVDA is trading above it, which is good.
But a pullback to the black trendline would be something acceptable for NVDA and it wouldn’t change the long-term bull trend. So, no need to panic if you see a sharper pullback, ok? This is expected.
The last four candlesticks were bearish, but NVDA is moving erratically. The hourly chart is clearer in my opinion, and I would use the points I previously mentioned to guide myself.
Also, since you’ve made this far, please, support this idea! And you are invited to follow me to keep in touch with my daily analyses. I’m sure you’ll find something interesting around here.
My best regards.
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