After a beautiful runup past all time highs weeks ago, NVDA has found itself in a similar position as the Nasdaq by hitting and getting rejected at the first fibonacci extension level.
I closed my long in this last week as I saw this level approaching and now it appears that a legit pullback may be coming into reality.
So I am bearish.. or am I?
Truth be told Nvidia is one of my favorite stocks, so I am aggressively watching for lower levels of re-entry and have been anticipating doing so for weeks now even as it ran up in price. I intend to load up and so I will be watching this closely over the coming days and weeks.
The best case scenario short term for Nvidia is that bulls can bullishly engulf and break above the key fib level and hold it as support on the weekly.
Until then, shorts or put options seem the most attractive bet in the immediate short term.
I closed my long in this last week as I saw this level approaching and now it appears that a legit pullback may be coming into reality.
So I am bearish.. or am I?
Truth be told Nvidia is one of my favorite stocks, so I am aggressively watching for lower levels of re-entry and have been anticipating doing so for weeks now even as it ran up in price. I intend to load up and so I will be watching this closely over the coming days and weeks.
The best case scenario short term for Nvidia is that bulls can bullishly engulf and break above the key fib level and hold it as support on the weekly.
Until then, shorts or put options seem the most attractive bet in the immediate short term.
Comment:
A separate post was made as an update to this about future price levels I am watching to possibly long. You can see it at my recent ideas page.
