NVDA - Short Term Update - $118 Resistance - 08/15/2024
NVDA is currently at the $118 resistance we discussed previously. I've moved that position to cash for the time being. Swinging some options in case we do get continuation to the upside, though. I'd like to see NVDA come back to $100 where I'd be buying back my equity but for now, just waiting to see what the price action does.
Short term upside targets if we break out of 118 would be 125, 130, 132.
To the downside, I'd see 112 as the first support, then 106 before ultimately seeing 100.
Taking profit felt good, now I will patiently wait for the market to do something on this historically bearish time period. August on average has a -4.45% return on the S&P since 1950, and Aug/Sep combined is an average return of -5.8%. October tends to be the best month to be a buyer with an average return of 4% after 2 months and 6% after 6 months.
Short term upside targets if we break out of 118 would be 125, 130, 132.
To the downside, I'd see 112 as the first support, then 106 before ultimately seeing 100.
Taking profit felt good, now I will patiently wait for the market to do something on this historically bearish time period. August on average has a -4.45% return on the S&P since 1950, and Aug/Sep combined is an average return of -5.8%. October tends to be the best month to be a buyer with an average return of 4% after 2 months and 6% after 6 months.
Note
We did end up breaking through that 118 level and found some resistance as we approached 125. That 118 level should now act as support as we move through the next few weeks. As time goes by, the trendline that I've outlined should start to move lower, though. Ultimately, I'm still bullish, but even more bullish above that 118 level. Testing it and breaking lower intraday is perfectly fine as long as we don't close 2 consecutive daily candles below it.
I'm still eyeing 125 and 130 and that confidence remains high as long as 118 holds. Below 118, we'll reevaluate things.
CE - BitDoctor
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