Hello traders and investors! Let’s see how NVDA is doing today!
First, NVDA has been doing many incredible movements, but in the past few days we see nothing but congestion. That’s ok, and it is just a sideways correction. This happens when a stock goes up a lot, and it is supposed to correct, but it can’t drop, because the momentum is too strong.
There’s nothing telling us that NVDA will drop, but if it loses the red line at $ 224.24 we might see a pullback in the daily chart:
We have many supports to work with. First, the 21 ema, which is going up and at some point it’ll meet the price again. We have the Fibonacci’s Retracements and it is interesting to note that the 50% retracement is at the same point NVDA found a top in July, before its correction (red line at $ 208.75)
The volume decreased, indicating that this is a true correction, but since NVDA is not giving us any buy signs, it is not a buy yet.
I believe soon NVDA will give us another opportunity, but we must wait for it to hit a support level first, so the Risk/Reward ratio will make sense again. Let's see if it'll react now, or if it'll lose the key point at $ 224.24.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good day.
First, NVDA has been doing many incredible movements, but in the past few days we see nothing but congestion. That’s ok, and it is just a sideways correction. This happens when a stock goes up a lot, and it is supposed to correct, but it can’t drop, because the momentum is too strong.
There’s nothing telling us that NVDA will drop, but if it loses the red line at $ 224.24 we might see a pullback in the daily chart:
We have many supports to work with. First, the 21 ema, which is going up and at some point it’ll meet the price again. We have the Fibonacci’s Retracements and it is interesting to note that the 50% retracement is at the same point NVDA found a top in July, before its correction (red line at $ 208.75)
The volume decreased, indicating that this is a true correction, but since NVDA is not giving us any buy signs, it is not a buy yet.
I believe soon NVDA will give us another opportunity, but we must wait for it to hit a support level first, so the Risk/Reward ratio will make sense again. Let's see if it'll react now, or if it'll lose the key point at $ 224.24.
If you liked this analysis, remember to follow me to keep in touch with my daily updates.
Have a good day.
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