NVIDIA (NVDA), TA for Tomorrow 9/24/2024
Key Price Levels:
Resistance:
$119.95: The recent high from prior trading sessions is a key resistance. A breakout above this level could trigger bullish momentum.
$116.99-$117.00: Minor resistance. A test and rejection could lead to a downward move, while breaking through could pave the way to test $119.95.
Support:
$115.38: The nearest support level. If NVDA falls below this, it could be a bearish signal.
$112.77: A more significant support level, acting as a cushion for the price action. A break below could signal a bearish trend continuation.
Indicators & Patterns:
Volume: Volume is mixed, indicating uncertainty in the current market. We see increasing volume during upward pushes, but the declining volume on consolidations indicates weakening momentum.
RSI/Momentum Oscillators: These indicators suggest NVDA is neither overbought nor oversold, leaving room for movement in either direction.
Wedge Formation: A potential descending wedge pattern is forming, which could break either way. A breakout above resistance ($117) could lead to a sharp upward movement, while a breakdown below $115 may signal further downside.
Potential Scenarios:
Bullish: If NVDA holds above $115.38 and breaks through $117, a bullish move toward $120 or beyond is likely. This would depend on market sentiment and broader indices.
Bearish: Failing to hold $115.38 could signal a retest of $112.77, with a potential drop to $110 or lower if overall market conditions weaken.
Strategy Suggestions:
Opening Trade: Watch for a breakout above $117 at the open. This could be a signal to go long, especially if there's strong volume confirmation.
Stop Loss: If entering long, set a stop loss just below $115.38 to minimize risk.
Downside Caution: If NVDA breaks below $115, consider shorting with a target around $112.77 and tighter stop losses.
Note: Tomorrow’s direction could be influenced by broader market conditions or any tech-related news, so keep an eye on macro indicators like the NASDAQ and sector-specific catalysts.
Resistance:
$119.95: The recent high from prior trading sessions is a key resistance. A breakout above this level could trigger bullish momentum.
$116.99-$117.00: Minor resistance. A test and rejection could lead to a downward move, while breaking through could pave the way to test $119.95.
Support:
$115.38: The nearest support level. If NVDA falls below this, it could be a bearish signal.
$112.77: A more significant support level, acting as a cushion for the price action. A break below could signal a bearish trend continuation.
Indicators & Patterns:
Volume: Volume is mixed, indicating uncertainty in the current market. We see increasing volume during upward pushes, but the declining volume on consolidations indicates weakening momentum.
RSI/Momentum Oscillators: These indicators suggest NVDA is neither overbought nor oversold, leaving room for movement in either direction.
Wedge Formation: A potential descending wedge pattern is forming, which could break either way. A breakout above resistance ($117) could lead to a sharp upward movement, while a breakdown below $115 may signal further downside.
Potential Scenarios:
Bullish: If NVDA holds above $115.38 and breaks through $117, a bullish move toward $120 or beyond is likely. This would depend on market sentiment and broader indices.
Bearish: Failing to hold $115.38 could signal a retest of $112.77, with a potential drop to $110 or lower if overall market conditions weaken.
Strategy Suggestions:
Opening Trade: Watch for a breakout above $117 at the open. This could be a signal to go long, especially if there's strong volume confirmation.
Stop Loss: If entering long, set a stop loss just below $115.38 to minimize risk.
Downside Caution: If NVDA breaks below $115, consider shorting with a target around $112.77 and tighter stop losses.
Note: Tomorrow’s direction could be influenced by broader market conditions or any tech-related news, so keep an eye on macro indicators like the NASDAQ and sector-specific catalysts.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.