Hello traders and investors! Let’s see how NVDA is doing today!
First, it did trigger the pivot point at $ 190.20, and it is doing higher highs/lows. What’s more, NVDA recently found a support at the previous bottom level around $ 178, and this bullish reversal structure is appearing in a very good moment.
Right now, NVDA is doing a pullback to the $ 190.20, which previously was a top, and now, it is supposed to become a bottom in the short-term, according to the Principle of Polarity. The 21 ema is quite close to this point as well, making it a dual-support level.
Of course, the situation is not that easy now, as we still have the purple trendline, which connects the previous 3 top levels, and could work as a resistance in the future again.
The daily chart gives us more clues:
The support at $ 178 is quite close to the 38.2% Fibonacci’s Retracement ($ 180), and it is easy to see now why NVDA did a bottom over there. This is a very strong support level.
What’s more, NVDA did a lower high/low in the daily chart, indicating weakness in the mid-term. Now NVDA is fighting to break the 21 ema, and it is losing, so far.
If the pivot seen in the 1h chart gets frustrated, and NVDA loses today’s low tomorrow, the mid-term trend will prevail over the bullish reversals pattern seen in the short-term, and we might seek the retracements again, even the 50% retracement, at $ 171. The 61.8% retracement at $ 163 is the last support level it could retest in a stressful scenario.
Honestly, I don’t see NVDA crashing, but don’t see it flying either. Either way, it is important to look at the bullish structure in the 1h chart, and Fibonacci’s Retracements in the daily chart for now.
Remember to follow me to keep in touch with my daily updates, and if you liked this idea, please, support it!
Thank you very much!
First, it did trigger the pivot point at $ 190.20, and it is doing higher highs/lows. What’s more, NVDA recently found a support at the previous bottom level around $ 178, and this bullish reversal structure is appearing in a very good moment.
Right now, NVDA is doing a pullback to the $ 190.20, which previously was a top, and now, it is supposed to become a bottom in the short-term, according to the Principle of Polarity. The 21 ema is quite close to this point as well, making it a dual-support level.
Of course, the situation is not that easy now, as we still have the purple trendline, which connects the previous 3 top levels, and could work as a resistance in the future again.
The daily chart gives us more clues:
The support at $ 178 is quite close to the 38.2% Fibonacci’s Retracement ($ 180), and it is easy to see now why NVDA did a bottom over there. This is a very strong support level.
What’s more, NVDA did a lower high/low in the daily chart, indicating weakness in the mid-term. Now NVDA is fighting to break the 21 ema, and it is losing, so far.
If the pivot seen in the 1h chart gets frustrated, and NVDA loses today’s low tomorrow, the mid-term trend will prevail over the bullish reversals pattern seen in the short-term, and we might seek the retracements again, even the 50% retracement, at $ 171. The 61.8% retracement at $ 163 is the last support level it could retest in a stressful scenario.
Honestly, I don’t see NVDA crashing, but don’t see it flying either. Either way, it is important to look at the bullish structure in the 1h chart, and Fibonacci’s Retracements in the daily chart for now.
Remember to follow me to keep in touch with my daily updates, and if you liked this idea, please, support it!
Thank you very much!
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💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.
