NVDA: Breaking all its supports! What's next for us?
Hello traders and investors! Let’s see how NVDA is doing today! It is crashing, so we have a few things to update. This is going to be a complete multiple time frame analysis (MTFA). We'll study the H, D and W charts.
In our last analysis, yesterday, we identified a support level at the purple trend line, which was lost today. We can’t say NVDA is bullish anymore, but is there still time for a reaction?
Right now, with the information we have, we must assume it is heading to the gap at $ 228. As long as we don’t see any meaningful reaction, NVDA will keep dropping to its support levels. The only thing that could save it today would be if it reacts, and closes above the $ 237 area (previous support). This could be a false breakout and a bear trap.
It’ll all depend on how it’ll close today.
In the daily chart, since we hit our purple trend line again, it has been just dropping, and the 61.8% retracement is its last support in this time-frame. Since this retracement is quite close to the gap mentioned in the 1h chart, it seems this is going to be a strong support area, and NVDA has good chances of reacting there.
NVDA still looks bullish in the weekly chart, but it is giving signs of weakness. In the past three weeks, it couldn’t break its 21 ema at any cost. In fact, look at the size of the shadows of the last two candles. Every candlestick tells a story, and the fact the buyers tried very hard to keep this up, and were dragged down like this, is never a good sign. This is a true sign of weakness.
For the short/mid-term, we must keep our eyes open if we’ll see it reacting and closing above its support. If not, then our gap is the next target to work. In the long-term, NVDA requires a strong bullish structure to become bullish again.
I’ll keep you guys updated, as usual. Remember to follow me to keep in touch with my daily analyses on stocks and indices.
In our last analysis, yesterday, we identified a support level at the purple trend line, which was lost today. We can’t say NVDA is bullish anymore, but is there still time for a reaction?
Right now, with the information we have, we must assume it is heading to the gap at $ 228. As long as we don’t see any meaningful reaction, NVDA will keep dropping to its support levels. The only thing that could save it today would be if it reacts, and closes above the $ 237 area (previous support). This could be a false breakout and a bear trap.
It’ll all depend on how it’ll close today.
In the daily chart, since we hit our purple trend line again, it has been just dropping, and the 61.8% retracement is its last support in this time-frame. Since this retracement is quite close to the gap mentioned in the 1h chart, it seems this is going to be a strong support area, and NVDA has good chances of reacting there.
NVDA still looks bullish in the weekly chart, but it is giving signs of weakness. In the past three weeks, it couldn’t break its 21 ema at any cost. In fact, look at the size of the shadows of the last two candles. Every candlestick tells a story, and the fact the buyers tried very hard to keep this up, and were dragged down like this, is never a good sign. This is a true sign of weakness.
For the short/mid-term, we must keep our eyes open if we’ll see it reacting and closing above its support. If not, then our gap is the next target to work. In the long-term, NVDA requires a strong bullish structure to become bullish again.
I’ll keep you guys updated, as usual. Remember to follow me to keep in touch with my daily analyses on stocks and indices.
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