NVDA is forming a downward wedge pattern.
It is now hugging the green support line from January 2023.
At around 97, it will fill the gap formed after May 2024 earnings.
The region around 100 is .618 Fib retracement area.
95 is a huge support.
The green circle is the sweet spot of all these confluences.
Around next earnings, NVDA will come out of the wedge pattern, get support of 200 MA, rip off upwards and not look back for some time.
It is now hugging the green support line from January 2023.
At around 97, it will fill the gap formed after May 2024 earnings.
The region around 100 is .618 Fib retracement area.
95 is a huge support.
The green circle is the sweet spot of all these confluences.
Around next earnings, NVDA will come out of the wedge pattern, get support of 200 MA, rip off upwards and not look back for some time.
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With yesterday's price action, the pattern looks more like a megaphone than a descending wedge.
The bad news is that price didn't break the resistance of 101.
The good news is that price closed above the support of 97.
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Hourly chart of NVDA
NVDA is presently at a level where it has the support of the upward sloping trendline and a gap support.
110-115 is thus a good support zone.
NVDA will now make an attempt at from the support zone to break above the resistance zone of 130-140.
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