Hello traders and investors! Let’s see how NVDA is doing today!
First, it is losing the key point I mentioned last week, in our previous study, which is the support line at $ 221.24. By losing this support, NVDA has everything to trigger a pullback in the daily chart, at least to its 21 ema. The link to our previous study is below this post, as usual,
In the 1h chart, we can’t say that the trend is bearish, as it still seems NVDA is in a congestion – however, it is on the bottom part of the congestion, so there’s a reason to be alert.
Usually, any good reaction near support level is just an opportunity to buy, but we must see the price confirming a bullish pattern first. For now, we have no important reaction.
If we can’t say the trend is completely bearish in the 1h chart, there’s way we’ll say that the trend is bearish in the daily chart. Despite the Double Top chart pattern on the verge of being triggered, we are still in a bull trend.
During bull trends pullbacks to the 21 ema or to the Fibonacci’s Retracements are expected, and usually are opportunities to buy at a cheaper price. But again, we must see some bullish confirmation first.
For now, we must wait for more signs. It is too soon to tell, but even if it does a sharper pullback, I see no reason to panic.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped!
Have a good day!
First, it is losing the key point I mentioned last week, in our previous study, which is the support line at $ 221.24. By losing this support, NVDA has everything to trigger a pullback in the daily chart, at least to its 21 ema. The link to our previous study is below this post, as usual,
In the 1h chart, we can’t say that the trend is bearish, as it still seems NVDA is in a congestion – however, it is on the bottom part of the congestion, so there’s a reason to be alert.
Usually, any good reaction near support level is just an opportunity to buy, but we must see the price confirming a bullish pattern first. For now, we have no important reaction.
If we can’t say the trend is completely bearish in the 1h chart, there’s way we’ll say that the trend is bearish in the daily chart. Despite the Double Top chart pattern on the verge of being triggered, we are still in a bull trend.
During bull trends pullbacks to the 21 ema or to the Fibonacci’s Retracements are expected, and usually are opportunities to buy at a cheaper price. But again, we must see some bullish confirmation first.
For now, we must wait for more signs. It is too soon to tell, but even if it does a sharper pullback, I see no reason to panic.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped!
Have a good day!
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