The yellow area has been acting as a strong support and the bottom.
I am expecting another moderate reversal from here to fill the gap at 250-260 range.
That is going to be where we have 0.6 fib level as well.
Stop-loss at 205.5 (1:3)
- NVDA has bounced off of this yellow area a few times already.
- There is a bullish divergence where the lower low was rejected with high volume.
- The RSI graph tested its mean and did not break through (red circle).
- Hammer candlestick that was formed today at the close.
- NVDA has shown relative strength compared to the market throughout today.
- April is the month of earnings and one of most bullish months of the year. Although, expectations are too high considering the economic conditions and should cause some choppy price action, but a straight bearish continuation is unlikely for the next two weeks.
I am expecting another moderate reversal from here to fill the gap at 250-260 range.
That is going to be where we have 0.6 fib level as well.
Stop-loss at 205.5 (1:3)
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I hope your stop-loss was triggered. NVDA broke down a key level and as soon as it breaks under 200, it can go way lower.
