NVDA breakout or breakdown?
NVDA is trading at major resistance levels. Depending who you speak to, NVDA is about to breakout or breakdown. From a positioning perspective, it's a much higher probability to start looking for short entries up here. I don't see any point wishing luck for a long entry here. Don't chase it, wait for a pullback. Based on it's ATR levels the past quarter, the best time to go long NVDA is 3 standard deviations below it's SMA20 and short 3 standard deviations above it's SMA20. Also, NVDA stochastic is about to peak and therefore roll over in a few days.
3ATR resistance = 139
SMA20 = 122
-3ATR support = 106
Short 1 : 4 trade idea:
short = 139
stop = 143
profit = 123
Short options trade idea:
A) short call credit spread
11/15 expiry
sell 105 call
buy 130 call
B) short put
11/15 expiry
buy 135 put
C) Already invested 100 shares
11/15 expiry collar
sell 120 call
buy 150 put
NVDA options data:
10/18 expiry
Put Volume Total 303,946
Call Volume Total 536,585
Put/Call Volume Ratio 0.57
Put Open Interest Total 1,247,714
Call Open Interest Total 1,651,970
Put/Call Open Interest Ratio 0.76
11/15 expiry
Put Volume Total 61,504
Call Volume Total 147,008
Put/Call Volume Ratio 0.42
Put Open Interest Total 1,083,844
Call Open Interest Total 1,060,778
Put/Call Open Interest Ratio 1.02
3ATR resistance = 139
SMA20 = 122
-3ATR support = 106
Short 1 : 4 trade idea:
short = 139
stop = 143
profit = 123
Short options trade idea:
A) short call credit spread
11/15 expiry
sell 105 call
buy 130 call
B) short put
11/15 expiry
buy 135 put
C) Already invested 100 shares
11/15 expiry collar
sell 120 call
buy 150 put
NVDA options data:
10/18 expiry
Put Volume Total 303,946
Call Volume Total 536,585
Put/Call Volume Ratio 0.57
Put Open Interest Total 1,247,714
Call Open Interest Total 1,651,970
Put/Call Open Interest Ratio 0.76
11/15 expiry
Put Volume Total 61,504
Call Volume Total 147,008
Put/Call Volume Ratio 0.42
Put Open Interest Total 1,083,844
Call Open Interest Total 1,060,778
Put/Call Open Interest Ratio 1.02
Note
Note
Trading indicators:
tradingview.com/u/Options360/
tradingview.com/u/Options360/
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.