NVDA: Trading Near Key Support Levels (D&W charts).
The chart for NVDA reveals key levels and patterns that that could change the game for it.
On the daily chart, NVDA is currently trading within a defined range, with resistance around $140.76 and support near $118.04, between the ATH and its key support level. This consolidation phase comes after a strong uptrend, suggesting the market is taking a breather before potentially making its next significant move.
However, the bias is slightly bullish, as the 21-day EMA is still acting as a support level today. Any bullish reaction around this EMA would be interesting.
On the weekly chart, the $118.04 level is highlighted as a main support level and a possible bearish pivot point. This level is also observed on the daily chart, reinforcing its significance.
If the price breaks below this support, it could signal the beginning of a bearish phase, with the next major support around the $97.40 level, which aligns with the top of the previous consolidation phase before the latest rally. The weekly chart also shows that the price is still above the 21-week EMA, indicating the overall long-term trend remains bullish despite the recent consolidation.
To summarize, NVDA is currently in a consolidation phase within a well-defined range on the daily chart, with resistance at $140.76 (ATH) and support at $118.04. The bias is still bullish as the price is still above the 21-day EMA, however, if we lose this key support level, NVDA will lose momentum. In order to trigger a bear trend, it needs to lose the $118.04.
We should watch for a breakout above the resistance for bullish confirmation or a breakdown below the support for a potential bearish move. Until then, range-bound trading strategies may be effective, focusing on buying near support and maybe selling near resistance. Be careful selling NVDA, as it is a bull trend, after all.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
On the daily chart, NVDA is currently trading within a defined range, with resistance around $140.76 and support near $118.04, between the ATH and its key support level. This consolidation phase comes after a strong uptrend, suggesting the market is taking a breather before potentially making its next significant move.
However, the bias is slightly bullish, as the 21-day EMA is still acting as a support level today. Any bullish reaction around this EMA would be interesting.
On the weekly chart, the $118.04 level is highlighted as a main support level and a possible bearish pivot point. This level is also observed on the daily chart, reinforcing its significance.
If the price breaks below this support, it could signal the beginning of a bearish phase, with the next major support around the $97.40 level, which aligns with the top of the previous consolidation phase before the latest rally. The weekly chart also shows that the price is still above the 21-week EMA, indicating the overall long-term trend remains bullish despite the recent consolidation.
To summarize, NVDA is currently in a consolidation phase within a well-defined range on the daily chart, with resistance at $140.76 (ATH) and support at $118.04. The bias is still bullish as the price is still above the 21-day EMA, however, if we lose this key support level, NVDA will lose momentum. In order to trigger a bear trend, it needs to lose the $118.04.
We should watch for a breakout above the resistance for bullish confirmation or a breakdown below the support for a potential bearish move. Until then, range-bound trading strategies may be effective, focusing on buying near support and maybe selling near resistance. Be careful selling NVDA, as it is a bull trend, after all.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
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