NVDA Bullish Engulfing Candle

Bullish Engulfing Candle:

The current price action forms a Bullish Engulfing pattern, where the green candle completely engulfs the prior red candle.
This indicates strong buyer momentum, hinting at a potential uptrend.
Key Levels:

Entry Point: $137 – A breakout above this level confirms the pattern’s validity.
Stop Loss: $132 – Positioned just below recent support to minimize downside risk.
Target 1: $140 – The first profit target based on the nearest resistance.
Target 2: $144 – The secondary target for extended gains.
Indicators Supporting the Setup:

RSI (Relative Strength Index): Currently at 42.74, suggesting neutral to slightly oversold conditions, supporting the likelihood of a rebound.
MACD (Moving Average Convergence Divergence): Convergence indicates a potential bullish crossover, reinforcing the upward momentum.
Support and Resistance Zones:

Support: Strong support at $132, limiting downside.
Resistance: Resistance at $137 and $140 will act as hurdles to overcome for continued upside.
Trading Plan
Long Position: Enter if the price breaks and holds above $137 on strong volume.
Stop Loss: Set at $132 to protect against invalidation of the bullish thesis.
Take-Profit Levels:
Target 1: $140 – Secure partial profits at this level.
Target 2: $144 – Allow remaining position to run toward this extended target.