NVDA on the Rise: Key Levels, Trading Strategy for Dec. 5Trading Plan for NVDA
Technical Analysis & Price Action:
* Current Trend: NVDA is trading within an ascending channel, indicating a short-term uptrend. The price is approaching a key resistance zone near $146, while maintaining support at $140.
* Support Levels: Immediate support at $140.34 and stronger support at $137.83.
* Resistance Levels: Current resistance at $145.79. A breakout above $146 could test $150.
* Liquidity Zone: The $140-$142 zone shows significant buying interest, evident by the volume spike and price rejection from lower levels.
Order Block Insights:
* A bullish order block is identified around $140-$141, where large buying volumes emerged, pushing the price higher. This zone could serve as a re-entry point if the price pulls back.
Scalping Gameplan:
1. Entry for Scalping:
* Buy above $145.80 for a quick scalp targeting $146.50-$147.
* Look for a pullback to $140-$141 and enter on bullish confirmation for a tight stop-loss setup.
2. Stop Loss: Place stop-loss slightly below $139.50 to manage risk.
3. Exit Targets: For scalping, take profit near $146.50-$147 and adjust based on momentum.
Swing Trade Strategy:
* Bullish Outlook: Enter above $146 on a confirmed breakout for a swing trade targeting $150-$152. Set stop-loss below $140 for risk management.
* Bearish Outlook: If the price fails to hold $140, a short trade could target $137.80, with stop-loss above $142.
Suggestions & Projections:
* NVDA is exhibiting bullish momentum, but the overextended MACD hints at a potential pullback. Watch for volume confirmation near resistance before entering.
* For scalping, stick to tight levels and monitor volatility. Swing traders can wait for a breakout above $146 or a retest of $140 for optimal entries.
Thoughts:
* NVDA is showing strength, supported by robust volume, but caution is advised as the stock nears resistance. A breakout could attract fresh buyers, pushing the stock higher.
Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always perform your own due diligence and trade responsibly.