NVDA Bounced Off 188.79 Again - Still Below The Base.

Jul 30

NVDA Bounced Off 188.79 Again - Still Below The Base.

NVDA found the low again and bounced, turning up from 188.79 to 193.55 with the hourly conviction back to top-quartile. But this is the second bounce off the same low, and price is still well below the 202.20 base and even below the nearer 199.89 shelf. The bear print that fired into yesterday's drop is already underwater, which is constructive, but a double-bottom near 189 does not become a recovery until it reclaims something overhead. A bounce testing whether 189 is a floor. Neutral.

Resistance: 196.91 - first level to reclaim
Key resistance: 199.89 - then the 202.20 base
Current price: 193.55
Support: 191.23 - interim support
Key support: 188.79 - the double-tested low
Structural floor: 186.14 - deeper support

Two paths from here:

The double-bottom holds and it reclaims 196.91. Two tests of 188.79 that both bounced is the start of a base. If NVDA takes 196.91 and pushes 199.89, the low is confirmed and 202.20 becomes the real recovery test. The hourly conviction is behind it.

189 breaks on the third test. Third tests of a low tend to break, and price is still in a downtrend below every major level. A loss of 188.79 opens 186 and confirms the leg lower. The bounce has to prove the floor first.

NVDA bounced off 189 a second time with conviction turning up - the low is being defended. But it is still a bounce beneath a broken base; 196.91 then 199.89 are the levels that would turn defense into repair.

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Study, not financial advice.

Jul 30

Note

Morning Update: The double-bottom is building.

NVDA extended the bounce off 189 up to 196.37, pushing right into the 196.91 reclaim level, with 4H conviction maxed near 96. Not confirmed yet, but the low is holding and the first recovery level is in reach. Reclaim 196.91 and then 199.89 and the double-bottom becomes a real base.

Study, not financial advice.