bsdvs23

NVDA Bearish Bias Technically ans Nibbling Personally

Long
NASDAQ:NVDA   NVIDIA Corporation
NVDA is 65% from its All Time Highs of 346.10. Granted that doesn't mean because it is so far down from the highs that it warrants a 'buy signal'; nevertheless, it is not a lager stock in my opinion. It's just being beaten down with the rest of the market in a unified order. After-all, it is the Futures Markets and Major Indexes that carry the stocks with it.

The weight of the evidence is also important as the 52 week lows continue to accumulate, thus, bring down more and more stocks with is. You cannot expect the market to go up if you have 3,000 stocks making new lows each and every day.

NVDA is an AI driver and soon enough that will be the game changer. Not to mention Chips are in just about everything we use today. While the pundits trash the Chips in the media (while nibbling) they'll soon reverse those comments (like many others) after everyone is finished accumulating and the rotation of the market trickles upwards.

ALL Futures Markets have now (today) his their June lows, so we will see if the markets go into a free fall or build off those levels (once back above them).

Horizontal Lines provide levels for support / resistance and the yellow Targets provide (either direction) potential. You can also trade within the horizontal lines or use those as triggers for entries, etc. The White horizontal levels in the upper part of the chart are where major supply areas are houses. Eventually, we'd expect price to challenge those.

I continue to nibble at NVDA since late Friday.

Please also check out my videos and postings on other social media accounts linked to my account and published charts.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.