NVIDIA Log

This chart is based on the Nvidia logarithmic scale. Because of Nvidias explosive move towards the upside these charts can serve as a better way to see the full picture of whats going on. However I find it hard to find price targets because of the way these are done.

Nvidia is clearly working inside this massive channel and it's a pretty clear and clean one too. Right now we are at the top of this channel and there is alot of resistance at these levels. Stop Loss is at $507 for this trade.

I expect to see Nvidia make some moves down here testing either the 0.168 fib level ($256) or testing the middle of this channel. Testing the 0.168 seem's more likely than the centre of the channel but time will tell.

If however Nvidia does manage to break out of this channel, a possible Long position could be looked at when it comes to retest.

Although Nvidia is a great company I do feel it's more risky to go long here than it is to go short. I'll be placing stops in profit when we close in on that $400 level, right now that is a key level for where Nvidia can go. breaking $400 opens a potential move to fill that major gap that can be seen on the daily timeframe.

SL - $507
Entry - $481