NVDIA: Still bullish, with the 1D MA50 intact for 6 months.

٢٧ يوليو ٢٠٢٣

NVDIA is trading inside a Channel Up pattern since December, critically overbought on the 1W timeframe (RSI = 84.098, MACD = 65.650, ADX = 67.416) but on healthy bullish technicals on 1D. During that time, every bearish divergence on the 1D RSI was supported in price terms on a HL trendline that initiated a new rise to a HH.

As long as this level holds, we will remain bullish, aiming at a +25.50% rise (TP = 550.00) as in March. If the price crosses under the 1D MA50, which has been holding for more than 6 months, we doubt the Channel Up bottom will hold, in which case we will turn bearish targeting May's weekly gap (TP = 318.25), which could contact the 1D MA200.

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