NVDA: Reached a Critical Turning Point | Weekly Analysis.
• NVDA is extremely bullish, and in spite of the top signals it gave us last week, it didn’t trigger any single one of them, frustrating any bearish thesis on it;
• The 21 ema, the first support level, has been acting as a good support level this year;
• The $262 is a key support level, and only if NVDA loses it we might see a further correction, maybe to the $244;
• There’s one problem with this bull trend, though, which is the previous resistance at $289 (green line). NVDA has yet to break this key point, which is a quite important one, especially if we see it in the weekly chart.
• The $289 is a previous top level from March 2022, and this is why if NVDA triggers any top signal around this area we could see a sharp correction;
• Keep in mind, the trend is very bullish, as this year, NVDA did an upwards breakout from a Descending Channel and it triggered an IH&S chart pattern;
• However, any top signal could trigger a correction to the 21 ema in the weekly chart again, and this wouldn’t ruin the bullish momentum in this time-frame;
• So far, there’s no top signal or bearish structure indicating a pullback, and NVDA has everything to retest its ATH again, but we must keep our eyes open in this area.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
• The 21 ema, the first support level, has been acting as a good support level this year;
• The $262 is a key support level, and only if NVDA loses it we might see a further correction, maybe to the $244;
• There’s one problem with this bull trend, though, which is the previous resistance at $289 (green line). NVDA has yet to break this key point, which is a quite important one, especially if we see it in the weekly chart.
• The $289 is a previous top level from March 2022, and this is why if NVDA triggers any top signal around this area we could see a sharp correction;
• Keep in mind, the trend is very bullish, as this year, NVDA did an upwards breakout from a Descending Channel and it triggered an IH&S chart pattern;
• However, any top signal could trigger a correction to the 21 ema in the weekly chart again, and this wouldn’t ruin the bullish momentum in this time-frame;
• So far, there’s no top signal or bearish structure indicating a pullback, and NVDA has everything to retest its ATH again, but we must keep our eyes open in this area.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
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