Follow up to my NVDA Bear pattern post.
It broke 270 on the daily. And it did what I warned it would do: FILL THE GAP DOWN to 231. It also surpassed that.
Luckily, it was only temporary and it is now trading around 245-246 level with the close today.
However, the pattern in the short and intermediate term is still bearish.
It is in the pattern descending channel in the intermediate term.
It is in an ascending broadening wedge pattern in the short term (but coming from the downside).
Any pattern that comes up FROM the downside, still has a bearish bias.
We need to close above the intermediate blue pattern, which I have as roughly 250 in the next few days. A close above that 250 level can ensure that more upward momentum can ensue.
Otherwise, we can retest the bottom portion of the channel (intermediate) and even the bottom of the broadening wedge (short term).
Let's see where NVDA ends up in the next few days.
I love the company, but you have to play the price.
It broke 270 on the daily. And it did what I warned it would do: FILL THE GAP DOWN to 231. It also surpassed that.
Luckily, it was only temporary and it is now trading around 245-246 level with the close today.
However, the pattern in the short and intermediate term is still bearish.
It is in the pattern descending channel in the intermediate term.
It is in an ascending broadening wedge pattern in the short term (but coming from the downside).
Any pattern that comes up FROM the downside, still has a bearish bias.
We need to close above the intermediate blue pattern, which I have as roughly 250 in the next few days. A close above that 250 level can ensure that more upward momentum can ensue.
Otherwise, we can retest the bottom portion of the channel (intermediate) and even the bottom of the broadening wedge (short term).
Let's see where NVDA ends up in the next few days.
I love the company, but you have to play the price.