NVDA: Powerful Bearish Rejection.
• Yesterday, NVDA did what seems to be an Exhaustion Bar, a massive bearish candlestick around a support level, far from its resistance, after the pullback was already materialized;
• Today, we see a bullish reaction, and NVDA is bouncing away from its support at 263, and it is breaking the 21 ema as well, trying to reject a very bearish scenario.
• The 263 is a very important support level because it is the trigger point of a Double Top chart pattern. By losing this key point, the 244 would be our next stop, and NVDA would reverse the bull trend. We already discussed this possibility in my previous NVDA analysis (link below this post);
• The trend is still bullish, as NVDA isn’t doing lower highs/lows yet;
• In the weekly chart, NVDA has been moving sideways for five weeks now, but it has yet to hit its technical resistance at 289;
• In theory, NVDA could correct to the 21 ema in the weekly chart and this wouldn’t ruin the long-term bullish bias;
• So far, the situation is under control and NVDA is still above its key support line.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
• Today, we see a bullish reaction, and NVDA is bouncing away from its support at 263, and it is breaking the 21 ema as well, trying to reject a very bearish scenario.
• The 263 is a very important support level because it is the trigger point of a Double Top chart pattern. By losing this key point, the 244 would be our next stop, and NVDA would reverse the bull trend. We already discussed this possibility in my previous NVDA analysis (link below this post);
• The trend is still bullish, as NVDA isn’t doing lower highs/lows yet;
• In the weekly chart, NVDA has been moving sideways for five weeks now, but it has yet to hit its technical resistance at 289;
• In theory, NVDA could correct to the 21 ema in the weekly chart and this wouldn’t ruin the long-term bullish bias;
• So far, the situation is under control and NVDA is still above its key support line.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
⚠️ Want to take your trading to the next level?
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
👉 Join the Finance Hydra VIP Mentorship - 6 weeks of mentoring with weekly meetings and ongoing support. Limited places available!
✅ Find out more and sign up: thefinancehydra.com/
Related publications
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.