NVDA: This is what it needs to do to REVERSE the trend!
Hello traders and investors! Let’s see how NVDA is doing today!
First, in the 1h chart, we see something like a Double Bottom, or an Inverted Head and Shoulders, depending on your imagination, but that is not important. Both are bullish reversal patterns, and so far, NVDA is doing some interesting technical movements.
First, it seems to me that yesterday’s drop was just for it to fill the previous gap at $ 159, and now we are recovering nicely. However, the $ 170 is the key point here. It seems this price level is working as a resistance for us, as it is at the same time, a pivot point (previous top) and the neckline for the IH&S. Only if we break the $ 170 we’ll see the confirmation of these bullish structures.
Pullbacks are acceptable, but we must not lose the $ 159 again, otherwise it’ll ruin the bullish patterns it is doing.
In the daily chart, NDA is still bearish, despite the good patterns it is doing in the 1h chart, and the 21 ema is working as a resistance. This is interesting, as the $ 170 area is not only a resistance in the 1h chart, but in the daily chart too, making it a dual-resistance level, in different time frames.
In order for NVDA to fly again, it must break this resistance area. In this scenario, it would easily retest the previous resistance around $ 196 (mid-term). While the $ 155 is a key support level which NVDA must not lose, otherwise, it could seek lower levels, like the $ 130s.
I’ll keep you guys updated on this, so remember to follow me to keep in touch with my analyses!
Have a good weekend!
First, in the 1h chart, we see something like a Double Bottom, or an Inverted Head and Shoulders, depending on your imagination, but that is not important. Both are bullish reversal patterns, and so far, NVDA is doing some interesting technical movements.
First, it seems to me that yesterday’s drop was just for it to fill the previous gap at $ 159, and now we are recovering nicely. However, the $ 170 is the key point here. It seems this price level is working as a resistance for us, as it is at the same time, a pivot point (previous top) and the neckline for the IH&S. Only if we break the $ 170 we’ll see the confirmation of these bullish structures.
Pullbacks are acceptable, but we must not lose the $ 159 again, otherwise it’ll ruin the bullish patterns it is doing.
In the daily chart, NDA is still bearish, despite the good patterns it is doing in the 1h chart, and the 21 ema is working as a resistance. This is interesting, as the $ 170 area is not only a resistance in the 1h chart, but in the daily chart too, making it a dual-resistance level, in different time frames.
In order for NVDA to fly again, it must break this resistance area. In this scenario, it would easily retest the previous resistance around $ 196 (mid-term). While the $ 155 is a key support level which NVDA must not lose, otherwise, it could seek lower levels, like the $ 130s.
I’ll keep you guys updated on this, so remember to follow me to keep in touch with my analyses!
Have a good weekend!
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