NVDA: BULLSEYE! 🎯 What to expect from here?

3 בינו׳ 2023

• Yes, we nailed the 61.8% Fibonacci’s Retracement in the weekly chart. We set this target on my previous public analysis on NVDA (the link is below this post, as usual);
• Now, it seems NVDA is trying to react above the retracement. In addition, it just filled a gap around $142 (daily chart), which did work as a support level on Dec 29 – 30;
• So far, there’s a bottom sign, but not a reversal structure yet. The trend would technically reverse if NVDA breaks the 21 ema in the daily chart – so far, the 21 ema is above the price, pointing downwards;
• On the bright side, there’s a Hammer candlestick pattern in the weekly chart. As Bulkowski’s studies reveal, Hammers have 60% chances of reversing the trend, therefore, this might be a catalyst for NVDA;
• On the other hand, what could trigger a bearish continuation for NVDA? If it loses the 61.8% again. In this case, the next technical support level is the $129 (daily chart);
• I’ll keep you guys updated on this.

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