Some ideas show NVDA as having broke through horizontal support and heading for a major correction. But methinks "channel support" is a reliable and more intuitive metric of 'support', and by that criterion NVDA might be as corrected as it's going to get. However, there's a broad impression at this moment that the tech sector is on shaky grounds and may be due for a significant correction, and I'm not refuting that impression. I'm just noting that technically, today NVDA crawled like an inch worm along its channel support line, and that might be a sign of hope for the bulls. I'll post a shot of that below...
Comment:
Look at this! Today NVDA crawled along its objectively defined channel support like a inch-worm straddling along a sting...
Gives me the impression this support is real and solid. So maybe it will hold.
Comment:
Channel support not only held, but NVDA bounced off it with vigorous momentum!
Since I started examining charts recently, I'm impressed that the common concept of 'support' that seems to be based upon horizontal prior low points is inferior to what I call 'channel support' or 'trend support', which is to draw a line along the prior lowest points along a stock's trend (its trend line), not along a horizontal line that's insensitive to its trend, and that line is 'support'. In several of my ideas and this one, trend support seems an almost amazingly reliable predictor of low-point reversals.