Nathan_Black

NVDA: You must keep an eye on these key points!

NASDAQ:NVDA   NVIDIA Corporation
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.

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Comments

Thank you for a great analysis.
+1 Reply
Nathan_Black shahzebkhalid786
@shahzebkhalid786, Thank you for your support, my friend!

Best regards.
Reply
great realistic points :) . most important to consier huge rally. dont forget the down potential as you mentioned second corrective wave may be in play IMO
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Thank you Nathan! The close today was awesome. I hope it can keep up the momentum.
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I think this is a healthy movement for the stock, I didn't see any divergence in volume and indicators, the pullback to 21 EMA is showing us a weakness at least in the short term. I expect to nvidia to reach 61% fib retracement which was exactly de previous resistance, and It might work as a new suport level. anyways, this stock is great for the long term.

Edit:
Also I forgot to mention that the price in the daily chart just touched the 21 WMA and went down instantly. I think this reinforce the pullback hypotesis.
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Nathan_Black TheChiwawaofWallStreet
@TheChiwawaofWallStreet, Well said! Thanks for sharing your insights! I always appreciate your support, Chiwawao!
+1 Reply
Thanks for the update
Reply
@rb675, You are welcome!
Reply