After failing to hold breakout above the blue resistance line overhead (the line from November), NVDA shot back down to some dangerous levels.
I already spoke on these levels prior, so no need to reiterate.
Right now, it's in the middle of an ascending wedge, actually pretty close to the bottom of it.
Bulls do NOT want this to break.
A break of this will inevitably lead to new lows for NVDA (new lows relative to January).
As of right now though, it seems that this is the path of least resistance.
Short term, I do expect a bounce upward to key supports now turned resistance (236.5 --> 240/241 --> 245 --> 250), but these are not long term holds and I would caution against going long for too long.
With FED looming, and us entering a period of weakness with unsupportive flows (depleted Vanna) for the next week or so, this is bear territory.
Good luck traders. Stay small. Do not go all in. Do not immediately BTFD. Now is not the time to do that.
BTFD'ers have been getting blown the fk out these past few weeks. This is not 2020/2021. FED unlimited BRRRR (liquidity) is drying up.
I already spoke on these levels prior, so no need to reiterate.
Right now, it's in the middle of an ascending wedge, actually pretty close to the bottom of it.
Bulls do NOT want this to break.
A break of this will inevitably lead to new lows for NVDA (new lows relative to January).
As of right now though, it seems that this is the path of least resistance.
Short term, I do expect a bounce upward to key supports now turned resistance (236.5 --> 240/241 --> 245 --> 250), but these are not long term holds and I would caution against going long for too long.
With FED looming, and us entering a period of weakness with unsupportive flows (depleted Vanna) for the next week or so, this is bear territory.
Good luck traders. Stay small. Do not go all in. Do not immediately BTFD. Now is not the time to do that.
BTFD'ers have been getting blown the fk out these past few weeks. This is not 2020/2021. FED unlimited BRRRR (liquidity) is drying up.