NVDA: Where to next?
Updated
I didn't post a weekly idea on NVDA because there was no clear setup.
Don't get too excited, there still isn't :-P.
For the last little while we have been confined in this wedge pattern.
It actually broke down from the lower trend line today quite susbtanitally but we ended the day reclaiming it.
We will go to the top of the range most likely in the 920s. I honestly don't doubt this one bit.
Taking the current uptrend on the hourly timeframe and plotting it back from October of 2022, these are the hourly ARIMA results from now till the end of the week:
927 is our EOW 80% level. 940s are our 95% level. It continues to limit downside and predict upside, both when using full history and when using the October low trend.
Because I have the data and model trained already, let's run it for the rest of this week and all of next week (a total of 42, 1 hour candles, because Remember next week is a short week!):
971 is our 95% for next Thursday. If we make some great progress this week to the 80 or 90 range it will push the forecast up a bit more (towards the 1,000 mark that everyone is watching).
Let's see what happens into EOW and we can process the new information. I will probably post the updates as an addendum to this idea, so stay tuned if you are interested!
Safe trades everyone!
Don't get too excited, there still isn't :-P.
For the last little while we have been confined in this wedge pattern.
It actually broke down from the lower trend line today quite susbtanitally but we ended the day reclaiming it.
We will go to the top of the range most likely in the 920s. I honestly don't doubt this one bit.
Taking the current uptrend on the hourly timeframe and plotting it back from October of 2022, these are the hourly ARIMA results from now till the end of the week:
927 is our EOW 80% level. 940s are our 95% level. It continues to limit downside and predict upside, both when using full history and when using the October low trend.
Because I have the data and model trained already, let's run it for the rest of this week and all of next week (a total of 42, 1 hour candles, because Remember next week is a short week!):
971 is our 95% for next Thursday. If we make some great progress this week to the 80 or 90 range it will push the forecast up a bit more (towards the 1,000 mark that everyone is watching).
Let's see what happens into EOW and we can process the new information. I will probably post the updates as an addendum to this idea, so stay tuned if you are interested!
Safe trades everyone!
Note
Sorry forgot to include the titles in the last ARIMA:
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