NVIDIA tries the "All Time High" retest

9 Okt 2023

Good morning, Traders,

Today we will analyse with mauricepriolo the chart of NVIDIA (NASDAQ:NVDA), a US technology company based in Santa Clara, California. It develops graphics processors for the gaming and professional markets and chips for mobile computing and the automotive industry. Their technology is fundamental also for the Crypto and AI market.

Among the NASDAQ, the chart of NVIDIA is very interesting. On the Daily Timeframe, we can see a strongly bullish setup, with the price steadily above the 50-period Exponential Moving Average following a major uptrend controlled by the 10-period EMA, which started in January 2023 following the bullish crossing of the EMA-50 on the EMA-200.

After registering new "All Time Highs" on the day of August 24, 2023, the price was pushed back towards the retracement area between the EMA-50 and the EMA-220 (signal also named Shimano), in the last week, the price has again moved above the EMA-50 forming an excellent breakout level at 451.75.
The close of the candle on Friday, October 6, above the level indicated by the white line, confirms the breakout of important resistance. It could generate further upside with the goal of a retest of the ATH zone.

Therefore, the levels to watch for the coming sessions are:
- Friday, Oct. 6 highs at 457.89, are also weekly highs and could be an important trigger point for an upward acceleration
- The first target zone (green rectangle) is in the 480.00 area, where the structure of a bearish "Head and Shoulders" could be completed
- The second target zone (red rectangle) is in the 500.00 area, where we find the historical highs of the stock

Looking at the intraday graphs, we focus on Timeframe 2h (EXT), where we find an interesting set-up, the EMA-50 has just crossed to the upside of the EMA-200, indicating a possible change of trend in the short term and the level of the MAXI BUD indicated in the last candles could prove to be an excellent breakout level.
We can look forward to waiting on the movement using the EMA-50 as support, any close below the EMA-200 would indicate weakness in the trend and could generate a further downward crossing of the averages, thus invalidating NVIDIA's bullish setup.


By analysing the fundamentals of NVIDIA Corporation provided by TradingView, we can see a 'healthy and steadily growing firm, which in Q2 beat estimates for revenue and profit (both >20%), leading to raising estimates for Q3 in ambitious expectations that will bring adrenaline on the stock at least until November 21, the date scheduled for the release of the quarterly report.

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