NVDA Technical Analysis for Oct. 1, 2024
Current Price Action
NVDSA shows a descending channel or wedge pattern, indicating a period of consolidation after a significant move. This suggests a potential breakout either upwards or downwards.
The stock is attempting to break out of the channel, signaling a possible bullish move if it continues to hold above the trendline.
Support and Resistance Levels
Immediate Resistance:
$124.47 - $127.60: This is the nearest zone where the price has previously rejected, marking it as a strong short-term resistance area.
$130.00: A key psychological resistance level, which could act as a major hurdle for any bullish continuation.
Immediate Support:
$121.40: This level aligns with recent consolidation, serving as a short-term support.
$117.71 and $114.88: These are strong support levels marked by previous lows. If the price breaks these levels, it could lead to further bearish pressure.
$112.38: The lowest support marked on the chart, critical for assessing long-term bearish trends.
Entry and Exit Points
Bullish Entry:
If the price breaks above $124.47 and holds, this could provide a good entry point for a long position with a potential target of $127.60 and then $130.00.
Consider adding if momentum picks up and volume increases during the breakout.
Bearish Entry:
A break below $121.40 would signal potential weakness. If the price moves further down past $117.71, it could be a strong short opportunity with a target towards $114.88 or lower.
Exit:
For a bullish position, consider exiting near $127.60 or $130.00 unless there is strong buying pressure.
For a bearish position, take profits around $114.88, with a potential full exit at $112.38 if selling accelerates.
NVDA's price action.
Suggested Direction
Based on the current breakout attempt from the descending channel, NVDA leans slightly bullish. However, the stock must break and hold above $124.47 with increased volume for a stronger bullish case.
On the downside, failure to break above resistance and a move below $121.40 could signal the continuation of the downtrend.
NVDSA shows a descending channel or wedge pattern, indicating a period of consolidation after a significant move. This suggests a potential breakout either upwards or downwards.
The stock is attempting to break out of the channel, signaling a possible bullish move if it continues to hold above the trendline.
Support and Resistance Levels
Immediate Resistance:
$124.47 - $127.60: This is the nearest zone where the price has previously rejected, marking it as a strong short-term resistance area.
$130.00: A key psychological resistance level, which could act as a major hurdle for any bullish continuation.
Immediate Support:
$121.40: This level aligns with recent consolidation, serving as a short-term support.
$117.71 and $114.88: These are strong support levels marked by previous lows. If the price breaks these levels, it could lead to further bearish pressure.
$112.38: The lowest support marked on the chart, critical for assessing long-term bearish trends.
Entry and Exit Points
Bullish Entry:
If the price breaks above $124.47 and holds, this could provide a good entry point for a long position with a potential target of $127.60 and then $130.00.
Consider adding if momentum picks up and volume increases during the breakout.
Bearish Entry:
A break below $121.40 would signal potential weakness. If the price moves further down past $117.71, it could be a strong short opportunity with a target towards $114.88 or lower.
Exit:
For a bullish position, consider exiting near $127.60 or $130.00 unless there is strong buying pressure.
For a bearish position, take profits around $114.88, with a potential full exit at $112.38 if selling accelerates.
NVDA's price action.
Suggested Direction
Based on the current breakout attempt from the descending channel, NVDA leans slightly bullish. However, the stock must break and hold above $124.47 with increased volume for a stronger bullish case.
On the downside, failure to break above resistance and a move below $121.40 could signal the continuation of the downtrend.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.