Technical Analysis for NVDA
NVDA looks a lot like QQQ as it is heavily weighted in th ETF. So this stock has been in a very long term downtrend with the rest of the market as you can see below. Last month there was a meltdown below this long term price channel. The price action formed a double bottom at this very low price level with a quick rise in price shortly following at the end of the week two weeks ago. This brought NVDA back above support of this long term downtrend. Many are calling for a relief rally in tech. After all the price cant go straight down forever. I have also marked some major resistance levels out in orange. When NVDA’s price reaches levels you might see some friction or a possible reversal in price action. Who knows if we will even hit these levels any time soon.
The technical indicators seen below point to some short term bullishness after that double bottom brought the price back above the 500 SMA and EMA. Although we are near the top bolinger band which can be a strong resistance level to many traders in a bear market like NVDA is in. But then again bollinger breakouts are very profitable on a big name like NVDA. If we can get another couple good weeks in tech like the past two weeks then I can see NVDA climbing all the way up to long term resistance in the long term downtrend seen above. But in a high interest rate environment with many negative macro economic factors abound I will see NVDA having a difficult time reaching that height any time soon.
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102640653 : Look like nvda is just right in at support zone 185-186. Touch 185 plus zone on Friday early part n bounced back to 187plus.although it closed weak on Friday a lot of panic selling. Profit taking been done. Given the last week Low of 160zone n high of 195-196 area. Looks ripe for a profit taking to occur before weekend n on Monday resuming upward trend again since it held up its support
102640653 : It’s not only this similar pattern on a lot of tech counter established. But problem was a lot of us miss out the Europe opening where market makers decided to power move downward the Nasdaq futures . If we managed to picked that up , intraday movement is enough for us to make some big money.
102640653 : I was busy n did not understand that move easily. After analysis I notice since that move before European opening n throughout pre market it could not even recover . Trend was already set in .
102640653 : Previous day uptrend reversal was there when during Asian trade futures were positive 50 plus points n one move took it to downward movement just after Singapore lunch break . Will be careful n discuss with u . Hopefully it will be a fortunate time to earn some big money. Everything is on entry points. Able to read trends correctly.
102640653 : Thanks for help in charts . Appreciate .
SpyderCall OP 102640653 : All good my friend. We gotta help each other make some money. Retail vs. Wall Street![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
SpyderCall OP 102640653 : I agree with the profit take before an uptrend can happen. A lot of tech stocks look similar
SpyderCall OP 102640653 : I’ve noticed that the market likes to be symmetrical in a sense of the term. It goes up overnight and comes back down before US open to cool off indicators. Or the price will go down overnight to come up in the mornings a lot of the time. The market doesn’t like to go straight up or straight down most of the time. Lots of give and take on the way up or down. So when watching the market overnight or overseas it can trick your trading psychology sometimes. I need to remember this sometimes. Because a big move overnight will make me very nervous sometimes.
SpyderCall OP 102640653 : And another thing about those lunch breaks. Sometimes after lunch the market goes the opposite direction as in the mornings. It happen is New York a lot. I’m not so sure if it happens often in china or Singapore markets also
102640653 SpyderCall OP : True enough . But we need charts reading, from there we get entry points. Resistance level, break up or break down. These r very important tools in today’s market. I might take a gamble on nvda at pre market n sell off later in the day.
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