NVDA: At a support level! So what? SPECULATE, don't GAMBLE.
Hello traders and investors! Let’s update our thoughts on NVDA today!
First, in the 1h chart, it almost hit its technical target at $ 269 (green line), and today it crashed along with the market, after it reported earnings yesterday. This ruins our short-term reading, but we still have many important key points to talk about.
Even in a volatile moment like this, NVDA just filled its last gap at $ 243.69, and it retested the purple trend line that connects NVDA’s previous bottoms. This is an important support area, and the fact it stopped dropping precisely at this point just reinforces our idea.
Now, if NVDA is about to react, now is the best time. After all, we are above a dual-support level. However, there’s still one problem:
Although the 1h chart seems ready for a reversal, the daily chart is still in a clear bear trend, and the purple line is working as a strong resistance on NVDA.
This tells me that we must be careful on it, and wait for a better confirmation in the 1h chart. It is never a good idea to jump the gun, and a real trader must always trade clear patterns and signals, instead trying to “guess” where the next bottom/top will be. Remember what the greatest trader that ever lived once said:
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” – Jesse Livermore.
So far, we have no meaningful sign on NVDA, but I’ll keep you guys updated on it, so remember to follow me to keep in touch with my daily analyses.
First, in the 1h chart, it almost hit its technical target at $ 269 (green line), and today it crashed along with the market, after it reported earnings yesterday. This ruins our short-term reading, but we still have many important key points to talk about.
Even in a volatile moment like this, NVDA just filled its last gap at $ 243.69, and it retested the purple trend line that connects NVDA’s previous bottoms. This is an important support area, and the fact it stopped dropping precisely at this point just reinforces our idea.
Now, if NVDA is about to react, now is the best time. After all, we are above a dual-support level. However, there’s still one problem:
Although the 1h chart seems ready for a reversal, the daily chart is still in a clear bear trend, and the purple line is working as a strong resistance on NVDA.
This tells me that we must be careful on it, and wait for a better confirmation in the 1h chart. It is never a good idea to jump the gun, and a real trader must always trade clear patterns and signals, instead trying to “guess” where the next bottom/top will be. Remember what the greatest trader that ever lived once said:
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” – Jesse Livermore.
So far, we have no meaningful sign on NVDA, but I’ll keep you guys updated on it, so remember to follow me to keep in touch with my daily analyses.
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