NVDA Is going to hit support but W/ further downside in 2023.
What we are looking at here is a beautiful NVDA chart on the Daily TF.
We are going to start at the middle of this chart where you will see the parallel channel that is being marked with the blue rectangle.
The price moves through the channel and touches both the top and the bottom of the channel several times.
Ultimately the price action moves to the top range of the chart, when there are multiple attempts to break through. As the attempts get closer and closer together that upper channel that is acting as resistance becomes weaker and weaker, and then a true breakout occurs.
Now I want to take your attention to the upper yellow line, which is a downward slopping trend line that is acting as major resistance. Once past the parallel channel the price action busts through the yellow resistance line but since this is only the third hit of that line it does what we would expect and gets pushed back down.
Now that the price action is back inside of the parallel channel we can expect further downside in 2023.
On the right hand side of the chart you will notice that there are Orange support lines.
Keep an eye on those as those will act as key support lines for a small bounce before continuing through from the first support, to the second support, and to the third support.
The third support is also a shorter term double bottom so you can expect a little bigger bounce on that one.
What do you think will happen in 2023? Will the charts bust through the upper resistance yellow line or will they flush through the orange line down to the bottom of the parallel channel?
Let me know your thoughts in the comments.
Cheers.
We are going to start at the middle of this chart where you will see the parallel channel that is being marked with the blue rectangle.
The price moves through the channel and touches both the top and the bottom of the channel several times.
Ultimately the price action moves to the top range of the chart, when there are multiple attempts to break through. As the attempts get closer and closer together that upper channel that is acting as resistance becomes weaker and weaker, and then a true breakout occurs.
Now I want to take your attention to the upper yellow line, which is a downward slopping trend line that is acting as major resistance. Once past the parallel channel the price action busts through the yellow resistance line but since this is only the third hit of that line it does what we would expect and gets pushed back down.
Now that the price action is back inside of the parallel channel we can expect further downside in 2023.
On the right hand side of the chart you will notice that there are Orange support lines.
Keep an eye on those as those will act as key support lines for a small bounce before continuing through from the first support, to the second support, and to the third support.
The third support is also a shorter term double bottom so you can expect a little bigger bounce on that one.
What do you think will happen in 2023? Will the charts bust through the upper resistance yellow line or will they flush through the orange line down to the bottom of the parallel channel?
Let me know your thoughts in the comments.
Cheers.
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