basictradingtv

Nvidia - Massive rejection soon!

Short
BATS:NVDA   NVIDIA
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
Comment:
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


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Keep your long term vision.
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