NDVA Technical Analysis for Tomorrow (10/14/2024)

Key Levels:

Support Levels:
$134.00: This is a key support area, as multiple price reactions are visible around this level. If NVDA breaks below, the next major support appears to be around $133.67 and $130.83.

Resistance Levels:
$135.00: There is significant resistance around the $135.00 level, where price has struggled to break and hold.

$135.78 (Daily High): This is the next resistance level, marking the upper bounds of recent price movement.

Indicators:
MACD: The MACD histogram appears to be weakening, with bearish momentum developing as the MACD line crosses below the signal line. This could suggest short-term bearishness unless momentum shifts.

Volume: Declining volume during the most recent price action could suggest weaker bullish activity, making a break above resistance less likely without strong catalysts.

Price Action & Trend:
NVDA has been in a consolidation phase within a defined range between $134.00 and $135.78, with a slight bearish bias developing. A failure to break higher could see NVDA retesting the $134.00 support level.

Bearish Scenario: A break below $134.00 could trigger further downside pressure, with potential targets at $133.67 and $130.83.

Bullish Scenario: If NVDA breaks above $135.78, there could be upward momentum toward the next psychological resistance around $137.00.

Plan for Tomorrow:
Entry for Shorts: Below $134.00, with a target towards $133.67 and lower if momentum confirms.

Entry for Longs: Above $135.78, looking for a breakout towards $137.00 if momentum strengthens.

Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research before making any investment decisions. I am not responsible for any losses incurred from trading based on this analysis.