Back in March, I estimated that NVDA had topped out and I was estimating that it would retreat back to approximately $100 - Well, it would appear we've cut a significant amount of value off the stock price and markets are continuing to dive.
What next?
From this juncture, I believe July is possibly going to be bullish, but I will continue looking for shorts. I am not interested in getting any long term options on NVDA right now and anything options related would likely be a day trade (which I've been killing recently). I will be looking to short the rips for now and it's possible we see a move up to $200 before any more significant downside. For what its worth, we closed last week right on the 200 WEEKLY Exponential moving average (which is at 142.90). The 200 simple moving average is at about $121. Both of these should offer some kind of support. NVDA hasn't traded below these two important moving averages since late 2013.
But the markets are dying!
If you're in the worst case scenario camp, you can reasonably expect NVDA to revisit the lows from 2020 and a move down to about $50 is on the table, though I am not that bearish.
What next?
From this juncture, I believe July is possibly going to be bullish, but I will continue looking for shorts. I am not interested in getting any long term options on NVDA right now and anything options related would likely be a day trade (which I've been killing recently). I will be looking to short the rips for now and it's possible we see a move up to $200 before any more significant downside. For what its worth, we closed last week right on the 200 WEEKLY Exponential moving average (which is at 142.90). The 200 simple moving average is at about $121. Both of these should offer some kind of support. NVDA hasn't traded below these two important moving averages since late 2013.
But the markets are dying!
If you're in the worst case scenario camp, you can reasonably expect NVDA to revisit the lows from 2020 and a move down to about $50 is on the table, though I am not that bearish.
