Nvidia - Massive rejection soon!

Jun 24, 2024

NVDA is clearly overextended after the +1.000% rally and ready for a correction.



Trees simply do not grow to the sky. And neither do stocks, especially Nvidia. I know that a lot of people are calling price targets of $250 and beyond, but we still have to respect gravity and the nature of fear and greed. Nvidia is simply overextended a retesting a 6 year resistance trendline. I do expect a correction between -20% and -30%, but also -60% is definitely possible.

Levels to watch: $120, $50

Keep your long term vision,
Philip - BasicTrading

Jul 2, 2024

Note

Quick update on Nvidia:

It only looks like a tiny wick but it was already a correction of -15%. Maybe Nvidia stock (finally) found its top at the long term resistance trendline. Maybe I am also just too bearish and looking at Nvidia stock too objectively - who knows.

Levels to watch: $125, $50