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ratchet-mint
Apr 9, 2024 8:01 PM

NVDA breaks below support line Short

NASDAQ:NVDA60
NVIDIA CorporationNASDAQ

Description

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NVDA today broke below its support line after breaking its long term upward trend on April 4th.

  • Broke upward trend and held breakdown earlier this week.
  • Broke below support today on strong volume indicating confirmation of movement.
  • Started to recover on weak volume indicating disagreement on movement.


I am expecting NVDA to come back up to support, test it and fail continuing its decline.

Action item: closed my long position and opening an option put.
Support and ResistanceTrend LinesVolumeNVDAvolumeanalysis
Comments
amaloyz
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agree tested today more sell pt 760s
Fibonaccivix
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Inflation surge, One of the only green tickers brought anyone to NVDA today just to make a few bucks while the rest of their portfolio tanked. NVD short tracking NVDA reactively in a counter trend (this is not investment advice)
ratchet-mint
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@Fibonaccivix The inflation report which caused the rally by NVDA was not able break through its downward trend. Remaining overall bearish on the stock for now.
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