NVIDIALong
NVDA bullish with MACD line crossing above the signal line.
4-Hour Chart Analysis
Trend Lines and Channels:
The chart shows a significant uptrend channel, indicated by the parallel lines. NVDA has recently tested the lower boundary of this channel and bounced back.
This bounce suggests potential strength and a continuation of the upward trend.
Support and Resistance Levels:
Support Levels:
Current Support: $116.67
Secondary Support: $91.69
Resistance Levels:
Immediate Resistance: $127.24
Secondary Resistance: $141.00 - $140.98
Volume Profile:
The volume profile indicates a high volume area around $127.24. This level acts as a significant resistance, where a lot of trading activity has occurred, potentially creating a hurdle for upward movement.
Moving Averages:
The chart shows the use of moving averages (typically 50-period and 200-period). The price is near these moving averages, which could act as dynamic support or resistance.
MACD (Moving Average Convergence Divergence):
The MACD is currently showing a bullish crossover, with the MACD line crossing above the signal line. This suggests bullish momentum is building up.
Trading Strategy Suggestion
Bullish Case:
If NVDA breaks above the immediate resistance at $127.24 with strong volume, it can be a good entry point for a long position.
Set a stop-loss below the recent swing low, around $116.67, to manage risk.
Target the next resistance level at $141.00 - $140.98.
Bearish Case:
If NVDA fails to break above $127.24 and starts showing weakness, consider a short position.
Set a stop-loss above the immediate resistance at $127.24.
Target the support level at $116.67, and if the price breaks below this, the next target could be $91.69.
Neutral Case:
If NVDA stays between $116.67 and $127.24, it may be best to wait for a clear breakout or breakdown before entering a trade.
Conclusion
NVDA shows potential bullish momentum with a recent bounce from the lower boundary of its uptrend channel. However, it faces significant resistance at $127.24. Monitoring the price action around this level will be crucial for determining the next move. Always use proper risk management strategies when entering trades.
Trend Lines and Channels:
The chart shows a significant uptrend channel, indicated by the parallel lines. NVDA has recently tested the lower boundary of this channel and bounced back.
This bounce suggests potential strength and a continuation of the upward trend.
Support and Resistance Levels:
Support Levels:
Current Support: $116.67
Secondary Support: $91.69
Resistance Levels:
Immediate Resistance: $127.24
Secondary Resistance: $141.00 - $140.98
Volume Profile:
The volume profile indicates a high volume area around $127.24. This level acts as a significant resistance, where a lot of trading activity has occurred, potentially creating a hurdle for upward movement.
Moving Averages:
The chart shows the use of moving averages (typically 50-period and 200-period). The price is near these moving averages, which could act as dynamic support or resistance.
MACD (Moving Average Convergence Divergence):
The MACD is currently showing a bullish crossover, with the MACD line crossing above the signal line. This suggests bullish momentum is building up.
Trading Strategy Suggestion
Bullish Case:
If NVDA breaks above the immediate resistance at $127.24 with strong volume, it can be a good entry point for a long position.
Set a stop-loss below the recent swing low, around $116.67, to manage risk.
Target the next resistance level at $141.00 - $140.98.
Bearish Case:
If NVDA fails to break above $127.24 and starts showing weakness, consider a short position.
Set a stop-loss above the immediate resistance at $127.24.
Target the support level at $116.67, and if the price breaks below this, the next target could be $91.69.
Neutral Case:
If NVDA stays between $116.67 and $127.24, it may be best to wait for a clear breakout or breakdown before entering a trade.
Conclusion
NVDA shows potential bullish momentum with a recent bounce from the lower boundary of its uptrend channel. However, it faces significant resistance at $127.24. Monitoring the price action around this level will be crucial for determining the next move. Always use proper risk management strategies when entering trades.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.