NVDA: Time to correct after renewing the ATH?
Daily Chart (Left):
Resistance at $140.76: The price is currently around a significant resistance level at $140.76, which is near the recent highs. This level is important as it aligns with the previous all-time high.
Support at $130: Immediate support lies at $130, a previous resistance level, which has acted as a strong zone where buyers stepped in this month. A break below this level could lead to further downside pressure.
21-Day EMA: The price remains above the 21-day EMA, indicating that the overall trend is still bullish. The EMA has consistently acted as dynamic support during pullbacks in the current uptrend.
Weekly Chart (Right):
Ascending Channel: The price action is confined within an ascending channel, with the current price near the upper boundary of this channel. This indicates that the stock has maintained a steady uptrend over the longer term.
Previous All-Time High (ATH): The stock has approached its previous ATH around $140.76, a critical resistance level. This level needs to be decisively broken for a continued bullish rally. However, after a quick breakout of this resistance this week, we see increased selling pressure.
Conclusion:
NVDA has made a new record high this week, briefly breaking the resistance at $140.76, which coincides with its previous all-time high. A true breakout above this level could lead to further bullish momentum, potentially targeting the upper boundary of the ascending channel. However, failure to break above could result in a pullback towards the $130 support level, with the 21-day EMA providing dynamic support. Traders should watch for a decisive move above the $140.76 level for a continuation of the uptrend.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
Resistance at $140.76: The price is currently around a significant resistance level at $140.76, which is near the recent highs. This level is important as it aligns with the previous all-time high.
Support at $130: Immediate support lies at $130, a previous resistance level, which has acted as a strong zone where buyers stepped in this month. A break below this level could lead to further downside pressure.
21-Day EMA: The price remains above the 21-day EMA, indicating that the overall trend is still bullish. The EMA has consistently acted as dynamic support during pullbacks in the current uptrend.
Weekly Chart (Right):
Ascending Channel: The price action is confined within an ascending channel, with the current price near the upper boundary of this channel. This indicates that the stock has maintained a steady uptrend over the longer term.
Previous All-Time High (ATH): The stock has approached its previous ATH around $140.76, a critical resistance level. This level needs to be decisively broken for a continued bullish rally. However, after a quick breakout of this resistance this week, we see increased selling pressure.
Conclusion:
NVDA has made a new record high this week, briefly breaking the resistance at $140.76, which coincides with its previous all-time high. A true breakout above this level could lead to further bullish momentum, potentially targeting the upper boundary of the ascending channel. However, failure to break above could result in a pullback towards the $130 support level, with the 21-day EMA providing dynamic support. Traders should watch for a decisive move above the $140.76 level for a continuation of the uptrend.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
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