Hello, fellow traders.
This analysis looks at a potential bullish setup on the 15-minute chart for NVIDIA (NVDA).
A key horizontal level has been identified around the $175.24 mark. As seen on the chart, this price has acted as a significant area of both support and resistance in recent trading sessions, indicating its importance to the market.
The price has recently pulled back to this level and appears to be holding, suggesting that it is currently acting as strong support. This bounce from a critical level could present a potential buying opportunity.
Here is a breakdown of the trade idea illustrated on the chart:
Entry: A long position is considered around the current price of $178.19.
Stop Loss: The stop loss is placed at approximately $172.22. This is set below the key support line and the recent swing lows, aiming to protect against a false breakout to the downside.
Take Profit: The target for this trade is set at $191.00, aiming for a significant move higher.
This setup offers a favorable risk-to-reward ratio. The trade thesis is valid as long as the price remains above the key support zone around $175.24. A firm break below this level would invalidate this bullish idea.
Disclaimer: This is a technical analysis idea for educational and discussion purposes only. It does not constitute financial or investment advice. Always conduct your own research and risk management before entering any trade.
This analysis looks at a potential bullish setup on the 15-minute chart for NVIDIA (NVDA).
A key horizontal level has been identified around the $175.24 mark. As seen on the chart, this price has acted as a significant area of both support and resistance in recent trading sessions, indicating its importance to the market.
The price has recently pulled back to this level and appears to be holding, suggesting that it is currently acting as strong support. This bounce from a critical level could present a potential buying opportunity.
Here is a breakdown of the trade idea illustrated on the chart:
Entry: A long position is considered around the current price of $178.19.
Stop Loss: The stop loss is placed at approximately $172.22. This is set below the key support line and the recent swing lows, aiming to protect against a false breakout to the downside.
Take Profit: The target for this trade is set at $191.00, aiming for a significant move higher.
This setup offers a favorable risk-to-reward ratio. The trade thesis is valid as long as the price remains above the key support zone around $175.24. A firm break below this level would invalidate this bullish idea.
Disclaimer: This is a technical analysis idea for educational and discussion purposes only. It does not constitute financial or investment advice. Always conduct your own research and risk management before entering any trade.
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.
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.