NVIDIAPanjang
NVDA - Head and Shoulders // but still bullish
Well, I imagine we’ve all seen this idea recently. Head and shoulders for the big dog.
I do get three touches on the orange trend line there…it’s a strong quarterly trend and if that head&shoulders fails to follow down through I expect price will stay above it for a rally into year’s end. Price might even follow my fantasy fractal.
The light blue boxes highlight the closest volume profiles. Closing price falls basically right in between the two. My bias is bullish though.
The upright purple goal posts represent the Aug 2023 to March 2024 up-tick. NVDA has continued to melt that up again from Aug 2024 thru Nov this year. I can’t help but think though that price will find a spring on the 100ema (the light blue squiggly) and continue up on it’s merry way.
Next week we see FOMC on the 18th. BoJ interest rate decision the next day to see if a carry trade affects things. I think our markets have already at least half baked in a 25bps rise though if Japan decides to pull the trigger...and the currencies aren't as far apart as they were last July either.
I remain cautious for Q1-Q2 on all equities but will ride the next 6 weeks while the 3mo US bond yield is still higher than the 2year. :)
Cheers and take care,
MR
I do get three touches on the orange trend line there…it’s a strong quarterly trend and if that head&shoulders fails to follow down through I expect price will stay above it for a rally into year’s end. Price might even follow my fantasy fractal.
The light blue boxes highlight the closest volume profiles. Closing price falls basically right in between the two. My bias is bullish though.
The upright purple goal posts represent the Aug 2023 to March 2024 up-tick. NVDA has continued to melt that up again from Aug 2024 thru Nov this year. I can’t help but think though that price will find a spring on the 100ema (the light blue squiggly) and continue up on it’s merry way.
Next week we see FOMC on the 18th. BoJ interest rate decision the next day to see if a carry trade affects things. I think our markets have already at least half baked in a 25bps rise though if Japan decides to pull the trigger...and the currencies aren't as far apart as they were last July either.
I remain cautious for Q1-Q2 on all equities but will ride the next 6 weeks while the 3mo US bond yield is still higher than the 2year. :)
Cheers and take care,
MR
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