NVDA bulls needs to hold 50.83 to have a chance of getting 54.74.
TIME TO BOOK PROFITS AND SELL OF #NVDA CURRENT STOCK PRICES OF NVIDIA ARE A LITTLE OVERPRICED IN THE CURRENT MARKET WITH STIFF COMPETITION FROM AMD AND UNCERTAINTY SURROUNDING THE MARKET AFTER BREXIT EXPECTING 15 - 20% DOWNSIDE MAKING NVDA A GOOD SHORT
Was waiting for a pull back to start a swing position. $NVDA has been in a strong up trend since $39 and watching to see if it breaks this trend at 45.75 and continues past resistance at 47.15.
Good earnings pop and from the powers of GPUs and uses of GPUs beyond graphics. MACD difference shrinking; selling. RSI running overbought; be wary. Would not be surprised if it magnetizes to 45 a little bit or some taking profits near term. Be patient for an entry. Obey your rules.
While I am long term bullish on NVDA, this weekly bear divergence does not look good. I'm expecting a pull back to the 50 MA before resuming uptrend.
The stock is near 52 week high and PE of 32 is too high. I'd like to see a pullback towards the mid to low $20's for entry. Green lines are buy targets.
Possible double top and large divergence of MACD, RSI, and Strock RSI, indicate that NVDA is likely going down in the next few weeks. Look for support (or profit taking) around the 50 MA, as it has provided strong support in the past .
Earnings come out tomorrow, so keep your stop loss in check, long term trend, II will wait for Price Action to tell me to exit, or wait till TP is hit. Good Trading.
Open short Open Below 29.26 Stop loss = 29.65 Target1 =27.63 Target2 = 25.5