NVIDIA Rejected on the most important Resistance of all.Last time we looked at NVIDIA Corporation (NVDA) was just 20 days ago (January 29, see chart below) but we managed to get the exact bottom buy opportunity on the 1W MA50:
As the stock reacted with an immediate and relentless rally of 10 straight green 1D candles, it hit yesterday its first hurdle, the All Time High (ATH) Lower Highs trend-line and closed in red.
This Lower Highs trend-line is historically very important as every time a similar technical structure broke in the past 2 years, a strong rally followed. The early ones were stronger, which is natural to expect as the company was recovering from the 2022 Inflation Crisis and had enormous room to grow. On a side-note, the 1D RSI rebounded on its 34.00 Support, where the stock's last two bottoms were priced.
As a result, we believe that if NVIDIA breaks and closes above the current Lower Highs trend-line, it should at least repeat the last rally from its bottom (+68.69%), which translates to a $190 medium-term Target.
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