NVDA Today Nov. 7, 2024
Key Levels
Support Levels:
$139.91: This level has shown recent support and could act as a strong base if NVDA retraces.
$135.32: Lower support level, which could become a key area if there’s a larger pullback.
$132.04 - $132.11: Major support zone that held in previous sessions, which would be crucial to monitor if the stock drops significantly.
Resistance Levels:
$146.49: This appears to be an immediate resistance level around the high.
$150 (psychological): Often a round number like this acts as psychological resistance if NVDA rallies past recent highs.
Price Action
NVDA has been in a steady uptrend after breaking out of a downward trend, moving into a higher consolidation range. The current setup indicates:
Rising Channel: The price is moving within a rising channel, showing a bullish trend. A breakout above or below this channel could signal either a continuation or reversal.
Volume Profile: Volume has been increasing on green candles, indicating strong buying interest. This confirms bullish momentum.
MACD: Shows near overbought levels suggests NVDA may experience short-term consolidation or minor pullback before another potential move up.
Trading Strategy
Bullish Bias:
If NVDA breaks above the $146.50 resistance with volume, it could signal a continuation of the uptrend. Consider a long position targeting $150.
Consolidation or Pullback:
If NVDA fails to break above $146.50 and retraces, look for support around $139.91 for potential entries.
Downside Risk:
A break below $135.32 might indicate a bearish reversal, with possible retest of the $132 zone.
mY Thoughts
NVDA’s trend remains bullish with a solid support base and strong volume. However, short-term resistance around $146.50 should be monitored closely for breakout or reversal signals.
Disclaimer: This analysis is for educational purposes and does not constitute financial advice. Always conduct thorough research or consult a financial advisor before trading.
Support Levels:
$139.91: This level has shown recent support and could act as a strong base if NVDA retraces.
$135.32: Lower support level, which could become a key area if there’s a larger pullback.
$132.04 - $132.11: Major support zone that held in previous sessions, which would be crucial to monitor if the stock drops significantly.
Resistance Levels:
$146.49: This appears to be an immediate resistance level around the high.
$150 (psychological): Often a round number like this acts as psychological resistance if NVDA rallies past recent highs.
Price Action
NVDA has been in a steady uptrend after breaking out of a downward trend, moving into a higher consolidation range. The current setup indicates:
Rising Channel: The price is moving within a rising channel, showing a bullish trend. A breakout above or below this channel could signal either a continuation or reversal.
Volume Profile: Volume has been increasing on green candles, indicating strong buying interest. This confirms bullish momentum.
MACD: Shows near overbought levels suggests NVDA may experience short-term consolidation or minor pullback before another potential move up.
Trading Strategy
Bullish Bias:
If NVDA breaks above the $146.50 resistance with volume, it could signal a continuation of the uptrend. Consider a long position targeting $150.
Consolidation or Pullback:
If NVDA fails to break above $146.50 and retraces, look for support around $139.91 for potential entries.
Downside Risk:
A break below $135.32 might indicate a bearish reversal, with possible retest of the $132 zone.
mY Thoughts
NVDA’s trend remains bullish with a solid support base and strong volume. However, short-term resistance around $146.50 should be monitored closely for breakout or reversal signals.
Disclaimer: This analysis is for educational purposes and does not constitute financial advice. Always conduct thorough research or consult a financial advisor before trading.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.