NVDA slowly creeped up on Wednesday, March 2nd, with little volume (a sign of weak momentum) and closed the day with an impressive selloff - leaving price below the 15m 9ema.
NVDA has two options tomorrow the way I see it.
The first and most likely, is price drops to 232 and possibly even tests 226. This is will depend largely on the open tomorrow, and whether or not price stays below the 15m 9ema. This is backed by the the up trend being broken and the On Balance Volume indicator showing a steep decline.
The second and least likely, is price continues to creep up, retesting the upper trendline region of 250/252 - although I see it being very difficult for bulls to find the momentum to break through these strong resistances.
Of course, these analysis are becoming less reliable as the situation in Ukraine and Russia unfolds and updates.
NVDA has two options tomorrow the way I see it.
The first and most likely, is price drops to 232 and possibly even tests 226. This is will depend largely on the open tomorrow, and whether or not price stays below the 15m 9ema. This is backed by the the up trend being broken and the On Balance Volume indicator showing a steep decline.
The second and least likely, is price continues to creep up, retesting the upper trendline region of 250/252 - although I see it being very difficult for bulls to find the momentum to break through these strong resistances.
Of course, these analysis are becoming less reliable as the situation in Ukraine and Russia unfolds and updates.
Trade active:
We have reached a PT 1 of 236, and on our way down to 232 now!
Trade active:
Today during PreMarket, the first price target in our chart has hit!
