NVDA Approaching Resistance! Key Trade and Options Setups. Jan. Technical Analysis for Trading:
* Current Price Action: NVDA is showing bullish momentum, approaching a key resistance level at $153.13.
* Trend: Uptrend on lower timeframes, with higher highs and higher lows forming.
* Support Levels:
* Primary support: $138.81
* Secondary support: $129.60
* Resistance Levels:
* Immediate resistance: $147.03
* Strong resistance: $153.13
* Indicators:
* MACD: Positive momentum but showing slight divergence. A pullback is possible if momentum wanes.
* Stochastic RSI: Overbought (91.60), indicating the potential for a short-term pullback.
Trade Scenarios:
* Bullish Scenario:
* Entry above $147.50 for a breakout move.
* Target: $153.00 and $155.00.
* Stop-loss: Below $145.00.
* Bearish Scenario:
* Entry below $144.00 for a retracement.
* Target: $138.81 and $135.00.
* Stop-loss: Above $147.50.
GEX for Option Trading:
* Key Gamma Levels:
* Strong resistance at $153.00 (75.47% GEX).
* Support at $138.00 (32.07% GEX).
* Call Wall: $153.00 (Highest Positive NETGEX).
* Put Wall: $129.00 (Strong support zone).
* IV Analysis:
* IV Rank (IVR): 6.8 (low IV, cheaper options).
* Options Sentiment: Calls are dominant at 62.4%, indicating bullish sentiment.
Options Strategy:
* Bullish Play:
* Buy Call Options with a $150 strike expiring in 1-2 weeks if NVDA breaks above $147.50.
* Target premium increase as price approaches $153.
* Bearish Play:
* Buy Put Options with a $140 strike expiring in 1-2 weeks if price drops below $144.
* Target premium increase near $138 support.
Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always perform your own research and trade responsibly.
