a weekly price action market recap and outlook - nvidia #2
Good evening and i hope you are well.
Last time i talked about Nvidia was 1 week ago and Nvidia at 610. Time to revisit and adjust.
If you took the trade, you made about 51 points. I anticipated a much bigger and longer sideways to down move than we had but that is not important because i said buy and it was buy and it's still buy.
So what's next for the stock?
I still don't care if you are Jensen himself and you still think this stock is overbought. My guess would be that most Nvidia employees who are not c-level, sold their stock way below 600 and probably calculate their "loss" in missed gains on a daily/weekly level. Does that mean the stock will stop going up in a parabolic way or even down anytime soon? Guess.
The thing about FOMO rallies is, no one knows where it will end and it can go so much higher and longer than anyone would have ever guessed. That does not mean it can't go the other direction for a quick 10% in a matter of hours as well. Why? One reason for this behavior could always be that most traders who are long in them, think this rally is a gift from the heavens and keep a tight stop. So if we get one big bear bar, we might as well get a couple or at least sideways movement. What more perfect occurence that the next earnings release is only 13 trading days away.
Enough bearish talk. This stock is just going up and there is no reason why this can't continue for another 1-2 weeks. I have painted some rough targets above where some profit taking could occur. Big round numbers are always good for that.
I have some calculated targets around 700. If market keeps giving, 800 is not out of the question and there is also a "complete insanity move" target at around 900 but if you bet on that... Don't know what to tell you. That's the hail mary throw of throws.
short term: up
medium-long term: I try hard to push any bias aside an focus only on the price action for this parabolic rally. It's unsustainable and will require some sort of correction the next weeks to months but when and how deep? No. One. Knows. So i won't pretend i do. You have to wait until it happens and then see how it unfolds to calculate targets. If you try to pick tops here, you are as good as broke.
Have a great sunday
Last time i talked about Nvidia was 1 week ago and Nvidia at 610. Time to revisit and adjust.
If you took the trade, you made about 51 points. I anticipated a much bigger and longer sideways to down move than we had but that is not important because i said buy and it was buy and it's still buy.
So what's next for the stock?
I still don't care if you are Jensen himself and you still think this stock is overbought. My guess would be that most Nvidia employees who are not c-level, sold their stock way below 600 and probably calculate their "loss" in missed gains on a daily/weekly level. Does that mean the stock will stop going up in a parabolic way or even down anytime soon? Guess.
The thing about FOMO rallies is, no one knows where it will end and it can go so much higher and longer than anyone would have ever guessed. That does not mean it can't go the other direction for a quick 10% in a matter of hours as well. Why? One reason for this behavior could always be that most traders who are long in them, think this rally is a gift from the heavens and keep a tight stop. So if we get one big bear bar, we might as well get a couple or at least sideways movement. What more perfect occurence that the next earnings release is only 13 trading days away.
Enough bearish talk. This stock is just going up and there is no reason why this can't continue for another 1-2 weeks. I have painted some rough targets above where some profit taking could occur. Big round numbers are always good for that.
I have some calculated targets around 700. If market keeps giving, 800 is not out of the question and there is also a "complete insanity move" target at around 900 but if you bet on that... Don't know what to tell you. That's the hail mary throw of throws.
short term: up
medium-long term: I try hard to push any bias aside an focus only on the price action for this parabolic rally. It's unsustainable and will require some sort of correction the next weeks to months but when and how deep? No. One. Knows. So i won't pretend i do. You have to wait until it happens and then see how it unfolds to calculate targets. If you try to pick tops here, you are as good as broke.
Have a great sunday
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