NVDA Today Nov. 7, 2024
Key Levels
Support Levels:
$139.91: This level has shown recent support and could act as a strong base if NVDA retraces.
$135.32: Lower support level, which could become a key area if there’s a larger pullback.
$132.04 - $132.11: Major support zone that held in previous sessions, which would be crucial to monitor if the stock drops significantly.
Resistance Levels:
$146.49: This appears to be an immediate resistance level around the high.
$150 (psychological): Often a round number like this acts as psychological resistance if NVDA rallies past recent highs.
Price Action
NVDA has been in a steady uptrend after breaking out of a downward trend, moving into a higher consolidation range. The current setup indicates:
Rising Channel: The price is moving within a rising channel, showing a bullish trend. A breakout above or below this channel could signal either a continuation or reversal.
Volume Profile: Volume has been increasing on green candles, indicating strong buying interest. This confirms bullish momentum.
MACD: Shows near overbought levels suggests NVDA may experience short-term consolidation or minor pullback before another potential move up.
Trading Strategy
Bullish Bias:
If NVDA breaks above the $146.50 resistance with volume, it could signal a continuation of the uptrend. Consider a long position targeting $150.
Consolidation or Pullback:
If NVDA fails to break above $146.50 and retraces, look for support around $139.91 for potential entries.
Downside Risk:
A break below $135.32 might indicate a bearish reversal, with possible retest of the $132 zone.
mY Thoughts
NVDA’s trend remains bullish with a solid support base and strong volume. However, short-term resistance around $146.50 should be monitored closely for breakout or reversal signals.
Disclaimer: This analysis is for educational purposes and does not constitute financial advice. Always conduct thorough research or consult a financial advisor before trading.
Support Levels:
$139.91: This level has shown recent support and could act as a strong base if NVDA retraces.
$135.32: Lower support level, which could become a key area if there’s a larger pullback.
$132.04 - $132.11: Major support zone that held in previous sessions, which would be crucial to monitor if the stock drops significantly.
Resistance Levels:
$146.49: This appears to be an immediate resistance level around the high.
$150 (psychological): Often a round number like this acts as psychological resistance if NVDA rallies past recent highs.
Price Action
NVDA has been in a steady uptrend after breaking out of a downward trend, moving into a higher consolidation range. The current setup indicates:
Rising Channel: The price is moving within a rising channel, showing a bullish trend. A breakout above or below this channel could signal either a continuation or reversal.
Volume Profile: Volume has been increasing on green candles, indicating strong buying interest. This confirms bullish momentum.
MACD: Shows near overbought levels suggests NVDA may experience short-term consolidation or minor pullback before another potential move up.
Trading Strategy
Bullish Bias:
If NVDA breaks above the $146.50 resistance with volume, it could signal a continuation of the uptrend. Consider a long position targeting $150.
Consolidation or Pullback:
If NVDA fails to break above $146.50 and retraces, look for support around $139.91 for potential entries.
Downside Risk:
A break below $135.32 might indicate a bearish reversal, with possible retest of the $132 zone.
mY Thoughts
NVDA’s trend remains bullish with a solid support base and strong volume. However, short-term resistance around $146.50 should be monitored closely for breakout or reversal signals.
Disclaimer: This analysis is for educational purposes and does not constitute financial advice. Always conduct thorough research or consult a financial advisor before trading.
Penafian
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