NVDA: Watch this key point closely for the short/mid-term.

Hello traders and investors! Yes, NVDA is behaving amazingly well recently, and I have some updates for you.

In our last analysis, we identified the $ 198.80 as the key point here. Indeed, once defeated, NVDA went up for a while, but now it is correcting again, only to meet the 198.80 another time. Now, this price is supposed to work as a support for NVDA, as it was previously a resistance. This is all about the Principle of Polarity, which we also discussed in my last analysis (link below).

It seems NVDA will react near this support level, which is great, but it gets more interesting:



We have another support, which is the 21 ema in the daily chart, and it is very close to the 198.80. This is a dual-support level, and it won’t be easy for NVDA to lose it.

It won’t be easy, but not impossible. If it actually loses it, probably we’ll seek the $ 187.41 again. In the worst-case scenario, we would see NVDA at its Fibonacci’s Retracements.

The reaction in the 1h chart is good, but I would be happier and more convinced of a bullish movement to the All-Time High (ATH) if we see a bullish candlestick in the daily chart too, for confirmation sake.

Either way, NVDA will do its movement soon. If you liked this analysis, remember to follow me to keep in touch with my daily updates.

Have a good day.