Hi friends! Welcome to this update analysis on Nvidia! Let's get right to it!
Looking at the daily chart for NVDA, we can see that the stock price fell to the blue uptrend support. You may not be able to tell, but today's candle actually pierced the rising blue trendline. On November 20th, price gaped down below it in pre-market trading, but was able to recover above it during the session. So, the rising blue trendline has technically been violated twice in the past 30 days, which weakens the trendline as support. Furthermore, the US equity markets are becoming increasingly bearish. So, I think there is a high probability that NVDA will break down below this rising blue trendline support.
As I covered in the last NVDA analysis, "you can see that price put in a small hump (next to the first blue arrow) then it produced a gap down. From there, price fell, produced another hump (second blue arrow) and then a major gap down followed. Now, NVDA has printed yet another hump, just above the critical rising support line." So, it is possible that we could see a gap down, which would fulfill a continuation of the pattern.
A breakdown below the rising blue trendline will put the first target at 119.60. Below there, we would be looking for a gap fill around $102 and change.
Happy Holidays Everyone, and good luck trading!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Looking at the daily chart for NVDA, we can see that the stock price fell to the blue uptrend support. You may not be able to tell, but today's candle actually pierced the rising blue trendline. On November 20th, price gaped down below it in pre-market trading, but was able to recover above it during the session. So, the rising blue trendline has technically been violated twice in the past 30 days, which weakens the trendline as support. Furthermore, the US equity markets are becoming increasingly bearish. So, I think there is a high probability that NVDA will break down below this rising blue trendline support.
As I covered in the last NVDA analysis, "you can see that price put in a small hump (next to the first blue arrow) then it produced a gap down. From there, price fell, produced another hump (second blue arrow) and then a major gap down followed. Now, NVDA has printed yet another hump, just above the critical rising support line." So, it is possible that we could see a gap down, which would fulfill a continuation of the pattern.
A breakdown below the rising blue trendline will put the first target at 119.60. Below there, we would be looking for a gap fill around $102 and change.
Happy Holidays Everyone, and good luck trading!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-