NVDA - At Potential Support
After pointing out NVDA's resistance would be the 1.618 (purple line) in this post:
https://www.tradingview.com/chart/NVDA/re7SmiiR-NVDA-At-Resistance/
It has called the top perfectly so far. Now what can we expect.
Well on the lower timeframe (4H) we do have a support line forming on our RSI (orange trendline near bottom). This coincides with earning coming out tomorrow that are expected to be very good. Therefore, this could be a potential low before the earnings report that send us up 10% back to the 1.618 or potentially higher (depending on how good earning are).
There is still a chance earning could be bad. The reason I say this is more chart based than fundamental based. Since we saw such a perfect rejection off the 1.618 it could just be player "in the know" frontrunning the market before everyone else panic sells on bad earnings. In the case scenario, I would still long from this level just with a tight stop loss.
Main thesis is we go up from here (at least near 1.618) and earnings are good, but I haver laid out both scenarios and should be a great trade setup either way.
https://www.tradingview.com/chart/NVDA/re7SmiiR-NVDA-At-Resistance/
It has called the top perfectly so far. Now what can we expect.
Well on the lower timeframe (4H) we do have a support line forming on our RSI (orange trendline near bottom). This coincides with earning coming out tomorrow that are expected to be very good. Therefore, this could be a potential low before the earnings report that send us up 10% back to the 1.618 or potentially higher (depending on how good earning are).
There is still a chance earning could be bad. The reason I say this is more chart based than fundamental based. Since we saw such a perfect rejection off the 1.618 it could just be player "in the know" frontrunning the market before everyone else panic sells on bad earnings. In the case scenario, I would still long from this level just with a tight stop loss.
Main thesis is we go up from here (at least near 1.618) and earnings are good, but I haver laid out both scenarios and should be a great trade setup either way.
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.