NVDA continuation along Phi-Channel
So I have drawn a phi-channel off the weekly chart from the overall uptrend NVDA has been in, and the most recent sell-off stopped at the 0% coefficient as every other recent low has.
This gap down also left a significant unfinished auction which price will retrace to at some point or another.
I use volatility rank and percentile to try and determine possible direction from this point, and we have the IV percentile in the 90s, the IV rank peaking at 80, currently at 50 and falling, price usually rises as IV falls.
The WIlliams VixFix line also hasn't been this high since the last major higher low.
I'd be bullish on NVDA and look to sell puts around 120, and buy call diagonals for more upside. Or just keep it simple and buy calls if you have enough capital.
This gap down also left a significant unfinished auction which price will retrace to at some point or another.
I use volatility rank and percentile to try and determine possible direction from this point, and we have the IV percentile in the 90s, the IV rank peaking at 80, currently at 50 and falling, price usually rises as IV falls.
The WIlliams VixFix line also hasn't been this high since the last major higher low.
I'd be bullish on NVDA and look to sell puts around 120, and buy call diagonals for more upside. Or just keep it simple and buy calls if you have enough capital.
Trade active
Long NVDA 170 Strike and 220 Strike from $119 with 77dte and 15dte respectively, looking for a rally by end of week into the 130s.
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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.