Since earnings, NVDA has traded within a tight pennant and has reached a state of equilibrium on this 1 hour chart. Looks like it could be forming a H&S working on the right shoulder and a move down to the neckline and possibly the 20 day moving average which resides around the old high of 343 is not out of the possibility. Watching closely today for a rejection at resistance and a possible break of support. SMH and chips win general need a cooling off period and a healthy flush would be good for the next leg up.
Comment:
testing support line all morning and resistance in a smaller pennant within the larger pennant
Comment:
Major and minor pennant break...looking for neckline at 378-379
Comment:
Going up to grab liquidity in the 385-386 area before attacking the neckline at 378-379
Comment:
NVDA has hit the neckline support at 377. There is a struggle going on at this level and with the SMH barely down today my guess is that when NVDa breaks this level it will bring the rest of its AI cohorts with it and the SMH.