NVDA Wick Rejection
Updated
Chart Event: Wick Rejection of 38.2% Fib Retracement Level
Confluence: NVDA is sitting on top of a volume shelf with strong bullish order flow. Strong bullish divergence on lower timeframes.
Trade Idea: Above $272 I see continued upside, first target would be 50% fib level at $276.48 and second would be 61.8% fib level at $293. Below $260 I believe we should see a retracement to $246. I lean bearish on this stock in the short term despite the order flow and the wick rejection because there is deeply bearish order flow on the major indices, which are also experiencing hidden bearish divergence. Long term I am very bullish on NVDA, but I do not believe the price action can continue an upward trend without a slight pullback.
Contract Idea:
+65m break of $272: 4/1/22 275C. Currently at $5.25 but will be more by the time the call level triggers.
+65m break of $260: 4/1/22 250P. Currently at $4.00.
Confluence: NVDA is sitting on top of a volume shelf with strong bullish order flow. Strong bullish divergence on lower timeframes.
Trade Idea: Above $272 I see continued upside, first target would be 50% fib level at $276.48 and second would be 61.8% fib level at $293. Below $260 I believe we should see a retracement to $246. I lean bearish on this stock in the short term despite the order flow and the wick rejection because there is deeply bearish order flow on the major indices, which are also experiencing hidden bearish divergence. Long term I am very bullish on NVDA, but I do not believe the price action can continue an upward trend without a slight pullback.
Contract Idea:
+65m break of $272: 4/1/22 275C. Currently at $5.25 but will be more by the time the call level triggers.
+65m break of $260: 4/1/22 250P. Currently at $4.00.
Note
PT 1 reached.PT2: $253
PT3: $247
PT4: $237
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