NVIDIAUpdated NVDA Possible Breakouts
Howdy Traders!
Over the last few weeks, a clearNVDA consolidation was forming. It can be noted that there is a great resistance area around the $431/$432 price range. In addition to that, the price has also created a positively increasing support line. NVDA has basically created a triangular pattern.
With this information, two target prices are created. IfNVDA breaks the $432 price barrier, and positively retests it, then the price target would be $458.02. However, if NVDA breaks through the slanted support line, it could break down to the $403.79 price target. The reason for the two different price targets is mainly because of the high uncertainty with the outcome of tomorrow's CPI report. If results are positive, then the bullish scenario is most likely going to happen. If the opposite, then vice versa.
Bona Fortuna!
Over the last few weeks, a clear
NVDA consolidation was forming. It can be noted that there is a great resistance area around the $431/$432 price range. In addition to that, the price has also created a positively increasing support line. NVDA has basically created a triangular pattern.With this information, two target prices are created. If
NVDA breaks the $432 price barrier, and positively retests it, then the price target would be $458.02. However, if NVDA breaks through the slanted support line, it could break down to the $403.79 price target. The reason for the two different price targets is mainly because of the high uncertainty with the outcome of tomorrow's CPI report. If results are positive, then the bullish scenario is most likely going to happen. If the opposite, then vice versa. Bona Fortuna!
Note
It seems as if NVDA has broken out to the up-side.Note
NVDA is strongly bullish right now. However, it is having difficulties currently in the $448/$449 zone. If it does manage to get over to $450, then the $458 price target is valid.Trade closed: target reached
NVDA has officially hit the profit target! Congratulations traders!
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