Hello traders and investors! We have to update our thoughts on NVDA! Yes, NVDA hit our target today, 9 days after we called the dip, when NVDA was trading right here:
Now that it hit our target, it seems it is losing strength, which is ok. Corrections are natural movements. Any bullish reaction near the 21 ema would be an opportunity to buy.
I see the $ 232 as the most important support level on NVDA, and only if it loses this point it wouldn’t be bullish anymore. Yes, now we can consider NVDA bullish in the short-term. Let’s see what the daily chart has to say about it:
NVDA is breaking our purple trend line, something it couldn’t do since November 2021! This is a great sign.
Today’s candlestick is quite weak, thanks to the resistance at $ 246 seen in the 1h chart, and to me, NVDA must break this price level for good in order to reverse in the daily chart as well. The $ 269 would be the technical target for this movement. However, NVDA must not lose this purple line again; otherwise, the market may see this as a false breakout.
So far, NVDA looks promising, but we must pay attention to the key points mentioned in this analysis. As usual, I’ll keep you guys updated on this, so remember to follow me to not miss any of my future analyses!
Now that it hit our target, it seems it is losing strength, which is ok. Corrections are natural movements. Any bullish reaction near the 21 ema would be an opportunity to buy.
I see the $ 232 as the most important support level on NVDA, and only if it loses this point it wouldn’t be bullish anymore. Yes, now we can consider NVDA bullish in the short-term. Let’s see what the daily chart has to say about it:
NVDA is breaking our purple trend line, something it couldn’t do since November 2021! This is a great sign.
Today’s candlestick is quite weak, thanks to the resistance at $ 246 seen in the 1h chart, and to me, NVDA must break this price level for good in order to reverse in the daily chart as well. The $ 269 would be the technical target for this movement. However, NVDA must not lose this purple line again; otherwise, the market may see this as a false breakout.
So far, NVDA looks promising, but we must pay attention to the key points mentioned in this analysis. As usual, I’ll keep you guys updated on this, so remember to follow me to not miss any of my future analyses!
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