After a long Marathon, it looks like it's time for NVDA to take a break.
First time since January to open and close a red candle below the 50 EMA line and for the MACD line to cross "0". In addition, it's extremely overvalued.
Key levels are at 410, 391, 366 and 351. breaking deeply through every level will most likely indicate a continued downtrend to the next, until we see a high volume consolidation that would indicate an end to the downtrend and start of reversal.
Q1 earnings that fuelled the uptrend were exceeded by a good margin, however the estimates were not much higher than Q4 2022 earnings.
The upcoming earnings estimates are almost 90% higher on revenue and double the EPS compared to Q1 2023, these are very hard to beat by the same percentages as before. In case it did beat those super high estimates with a big margin, we will see the quickest rebound upwards.
To be updated soon.
I don't play short, so i'm not taking any position at the moment. will be watching the downtrend to reverse.
This is not an investment/trade advice. Please do your own research.
First time since January to open and close a red candle below the 50 EMA line and for the MACD line to cross "0". In addition, it's extremely overvalued.
Key levels are at 410, 391, 366 and 351. breaking deeply through every level will most likely indicate a continued downtrend to the next, until we see a high volume consolidation that would indicate an end to the downtrend and start of reversal.
Q1 earnings that fuelled the uptrend were exceeded by a good margin, however the estimates were not much higher than Q4 2022 earnings.
The upcoming earnings estimates are almost 90% higher on revenue and double the EPS compared to Q1 2023, these are very hard to beat by the same percentages as before. In case it did beat those super high estimates with a big margin, we will see the quickest rebound upwards.
To be updated soon.
I don't play short, so i'm not taking any position at the moment. will be watching the downtrend to reverse.
This is not an investment/trade advice. Please do your own research.