NVDA was gyrating in a wild and wide base in the last 6 months. On 14 Dec it even went above the 200 day moving average but alas it proved to be shortlived as it began to retace 61.8% of the swing (AB) , forming what is now apparent a potential inverse Head & Shoulders pattern.
As of now NVDA is trading above it's 200 day moving average again (a postiive) and a golden cross could happen (although not yet) in the near future (2nd positive if and when it does happen). The odds of a successful breakup is higher than it was earlier.
An aggressive trader would buy the next breakup @ 184 (#1 in chart) with initial stop loss below 170 while a more conservative approach is to wait for the 1st pullback after the breakup and only enter the trade as it rebound and starts to surpass the first high above the neckline (#2).
The #2 or more conservative way of going long is to wait for the upside momentum to be firmer such that retracements are likely to be less steep by then.
Disclaimer: Just my 2 cents and not a trade advice. I may or may not enter into this trade. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
As of now NVDA is trading above it's 200 day moving average again (a postiive) and a golden cross could happen (although not yet) in the near future (2nd positive if and when it does happen). The odds of a successful breakup is higher than it was earlier.
An aggressive trader would buy the next breakup @ 184 (#1 in chart) with initial stop loss below 170 while a more conservative approach is to wait for the 1st pullback after the breakup and only enter the trade as it rebound and starts to surpass the first high above the neckline (#2).
The #2 or more conservative way of going long is to wait for the upside momentum to be firmer such that retracements are likely to be less steep by then.
Disclaimer: Just my 2 cents and not a trade advice. I may or may not enter into this trade. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!