1. Price Action Overview:
Chart Overview: The image shows a 1-hour chart for NVDA, which indicates short-term price action.
Trend Lines: There are ascending channel lines that the price seems to be respecting, suggesting an upward trend.
Key Levels:
Resistance: $130.64
Support:
$128.52
$127.83
$125.83 (Critical support level)
2. Indicators:
Volume Profile: The chart has a visible volume profile on the right, showing areas where significant trading volume occurred. The highest volume node is around the $127.83 - $128.52 region, which suggests strong support.
MACD: The Moving Average Convergence Divergence (MACD) is at the bottom of the chart, showing a potential crossover. This could indicate momentum building up, but it needs confirmation.
3. Price Action Analysis:
Recent Behavior: The price is currently moving upwards within the ascending channel. It is near the middle of the channel, having recently bounced from the lower trend line.
Short-Term Trend: The short-term trend is bullish, as indicated by the upward channel. However, the proximity to resistance at $130.64 may create some selling pressure.
4. Trading Strategy :
Scenario 1: Continued Uptrend
Entry: If the price breaks above $130.64 with strong volume, enter a long position.
Stop-Loss: Set a stop-loss slightly below $128.52 (around $128) to minimize risk.
Target: Consider a target around $133-$135, which would be in line with the upper channel line.
Scenario 2: Pullback
Entry: If the price fails to break $130.64 and shows signs of reversal (e.g., bearish candle pattern), consider shorting.
Stop-Loss: Place a stop-loss just above the $130.64 level.
Target: The first target would be around $127.83. If the price breaks this level, the next target would be near $125.83.
5. Other Strategies Approach:
Options Strategy: Professionals might consider using options to hedge or enhance returns. For example:
Bullish Bias: Buy a call option with a strike price slightly above $130.64 if expecting a breakout.
Bearish Bias: Purchase a put option with a strike price around $128.52 if anticipating a pullback.
Scalping: Given NVDA's high liquidity and volatility, scalping within the channel boundaries might be profitable. Use the 1-minute or 5-minute charts to find quick trades.
6. Conclusion:
Bias: The general trend is bullish, but NVDA is nearing a key resistance level. Tomorrow's action will likely depend on whether NVDA can break through $130.64 or if it faces rejection.
Watchlist: Keep an eye on volume spikes, news, and broader market conditions as they will heavily influence NVDA's price action.
Would you like to explore a specific strategy in more detail or need any other insights? Let me know.
Chart Overview: The image shows a 1-hour chart for NVDA, which indicates short-term price action.
Trend Lines: There are ascending channel lines that the price seems to be respecting, suggesting an upward trend.
Key Levels:
Resistance: $130.64
Support:
$128.52
$127.83
$125.83 (Critical support level)
2. Indicators:
Volume Profile: The chart has a visible volume profile on the right, showing areas where significant trading volume occurred. The highest volume node is around the $127.83 - $128.52 region, which suggests strong support.
MACD: The Moving Average Convergence Divergence (MACD) is at the bottom of the chart, showing a potential crossover. This could indicate momentum building up, but it needs confirmation.
3. Price Action Analysis:
Recent Behavior: The price is currently moving upwards within the ascending channel. It is near the middle of the channel, having recently bounced from the lower trend line.
Short-Term Trend: The short-term trend is bullish, as indicated by the upward channel. However, the proximity to resistance at $130.64 may create some selling pressure.
4. Trading Strategy :
Scenario 1: Continued Uptrend
Entry: If the price breaks above $130.64 with strong volume, enter a long position.
Stop-Loss: Set a stop-loss slightly below $128.52 (around $128) to minimize risk.
Target: Consider a target around $133-$135, which would be in line with the upper channel line.
Scenario 2: Pullback
Entry: If the price fails to break $130.64 and shows signs of reversal (e.g., bearish candle pattern), consider shorting.
Stop-Loss: Place a stop-loss just above the $130.64 level.
Target: The first target would be around $127.83. If the price breaks this level, the next target would be near $125.83.
5. Other Strategies Approach:
Options Strategy: Professionals might consider using options to hedge or enhance returns. For example:
Bullish Bias: Buy a call option with a strike price slightly above $130.64 if expecting a breakout.
Bearish Bias: Purchase a put option with a strike price around $128.52 if anticipating a pullback.
Scalping: Given NVDA's high liquidity and volatility, scalping within the channel boundaries might be profitable. Use the 1-minute or 5-minute charts to find quick trades.
6. Conclusion:
Bias: The general trend is bullish, but NVDA is nearing a key resistance level. Tomorrow's action will likely depend on whether NVDA can break through $130.64 or if it faces rejection.
Watchlist: Keep an eye on volume spikes, news, and broader market conditions as they will heavily influence NVDA's price action.
Would you like to explore a specific strategy in more detail or need any other insights? Let me know.
Nota
The significant drop in the market on August 22, 2024, was driven by a combination of factors:Hawkish Comments from the Federal Reserve: Concerns over future interest rate hikes resurfaced after hawkish comments from Federal Reserve officials, indicating that inflation is still a concern and that rates might stay higher for longer.
Weak Economic Data: Poor economic data, including lower-than-expected manufacturing numbers and rising jobless claims, added to fears of a potential recession.
Global Uncertainty: Ongoing geopolitical tensions and economic concerns in China further exacerbated market fears, leading to a broader sell-off across various sectors.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.