NVDA: We nailed the bottom! What's the next target?
Hello traders and investors! In our last study on NVDA, last week, we did a very competent job, and we nailed where the bottom would be. Now, it is going up sharply, so we must update a few things. Oh, and the link to my previous study is below this post, as usual.
In the 1h chart, NVDA did exactly as expected, and hit our support level at $ 239, and I did a bullish pattern there, as I warned – in this case, a classic Double Bottom chart pattern.
Now, NVDA is flying, and it seems it wants to retest the previous resistance at $ 269.12 (green line). In addition, it did a Breakaway Gap today, indicating some strength.
However, there is still a reason to be cautious, which is the purple line in the daily chart. This line tells us that NVDA is still bearish in the daily chart, and we must watch it carefully around this line, as any top sign could make it drop again.
Given the reaction in the 1h chart, it has good chances of breaking this resistance, but we must wait for more confirmation. I’ll keep you guys updated on this, so remember to follow me to not miss any of my future analyses.
All the best to you,
Nathan.
In the 1h chart, NVDA did exactly as expected, and hit our support level at $ 239, and I did a bullish pattern there, as I warned – in this case, a classic Double Bottom chart pattern.
Now, NVDA is flying, and it seems it wants to retest the previous resistance at $ 269.12 (green line). In addition, it did a Breakaway Gap today, indicating some strength.
However, there is still a reason to be cautious, which is the purple line in the daily chart. This line tells us that NVDA is still bearish in the daily chart, and we must watch it carefully around this line, as any top sign could make it drop again.
Given the reaction in the 1h chart, it has good chances of breaking this resistance, but we must wait for more confirmation. I’ll keep you guys updated on this, so remember to follow me to not miss any of my future analyses.
All the best to you,
Nathan.
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