NVIDIA (NVDA), TA for Tomorrow 9/24/2024
Key Price Levels:
Resistance:
$119.95: The recent high from prior trading sessions is a key resistance. A breakout above this level could trigger bullish momentum.
$116.99-$117.00: Minor resistance. A test and rejection could lead to a downward move, while breaking through could pave the way to test $119.95.
Support:
$115.38: The nearest support level. If NVDA falls below this, it could be a bearish signal.
$112.77: A more significant support level, acting as a cushion for the price action. A break below could signal a bearish trend continuation.
Indicators & Patterns:
Volume: Volume is mixed, indicating uncertainty in the current market. We see increasing volume during upward pushes, but the declining volume on consolidations indicates weakening momentum.
RSI/Momentum Oscillators: These indicators suggest NVDA is neither overbought nor oversold, leaving room for movement in either direction.
Wedge Formation: A potential descending wedge pattern is forming, which could break either way. A breakout above resistance ($117) could lead to a sharp upward movement, while a breakdown below $115 may signal further downside.
Potential Scenarios:
Bullish: If NVDA holds above $115.38 and breaks through $117, a bullish move toward $120 or beyond is likely. This would depend on market sentiment and broader indices.
Bearish: Failing to hold $115.38 could signal a retest of $112.77, with a potential drop to $110 or lower if overall market conditions weaken.
Strategy Suggestions:
Opening Trade: Watch for a breakout above $117 at the open. This could be a signal to go long, especially if there's strong volume confirmation.
Stop Loss: If entering long, set a stop loss just below $115.38 to minimize risk.
Downside Caution: If NVDA breaks below $115, consider shorting with a target around $112.77 and tighter stop losses.
Note: Tomorrow’s direction could be influenced by broader market conditions or any tech-related news, so keep an eye on macro indicators like the NASDAQ and sector-specific catalysts.
Resistance:
$119.95: The recent high from prior trading sessions is a key resistance. A breakout above this level could trigger bullish momentum.
$116.99-$117.00: Minor resistance. A test and rejection could lead to a downward move, while breaking through could pave the way to test $119.95.
Support:
$115.38: The nearest support level. If NVDA falls below this, it could be a bearish signal.
$112.77: A more significant support level, acting as a cushion for the price action. A break below could signal a bearish trend continuation.
Indicators & Patterns:
Volume: Volume is mixed, indicating uncertainty in the current market. We see increasing volume during upward pushes, but the declining volume on consolidations indicates weakening momentum.
RSI/Momentum Oscillators: These indicators suggest NVDA is neither overbought nor oversold, leaving room for movement in either direction.
Wedge Formation: A potential descending wedge pattern is forming, which could break either way. A breakout above resistance ($117) could lead to a sharp upward movement, while a breakdown below $115 may signal further downside.
Potential Scenarios:
Bullish: If NVDA holds above $115.38 and breaks through $117, a bullish move toward $120 or beyond is likely. This would depend on market sentiment and broader indices.
Bearish: Failing to hold $115.38 could signal a retest of $112.77, with a potential drop to $110 or lower if overall market conditions weaken.
Strategy Suggestions:
Opening Trade: Watch for a breakout above $117 at the open. This could be a signal to go long, especially if there's strong volume confirmation.
Stop Loss: If entering long, set a stop loss just below $115.38 to minimize risk.
Downside Caution: If NVDA breaks below $115, consider shorting with a target around $112.77 and tighter stop losses.
Note: Tomorrow’s direction could be influenced by broader market conditions or any tech-related news, so keep an eye on macro indicators like the NASDAQ and sector-specific catalysts.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.