What's happening with NVIDIA stock? Boxes analysis.

Hi everyone!

Today we take a look at spaceship of a stock NVDA.
Nvidia stock has been booming since crypto market skyrocketed in 2016.
The company is overvalued from fundamental indicators viewpoint, but these kind of stocks seem to totally ignore the fundamentals.

Let us analyse the price movement using my favourite tools.

The orange trend channel is way too steep in my opinion and is unlikely to hold.

However, the stock seems to respect some key levels whcih are indicated on the chart.

My plan:

• Check volume at the key levels.
  
• Will consider starting a position at 178 if it holds with a decent bounce.
  
• If we break 178, I expect the stock to meet the longer term grey trend line at 161. Then it is definitely a buy.
  
• No FOMO.
  

Trade wisely and good luck!
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Disclaimer!!!
This is not financial advise.