NVIDIA Contraction Continues- NVDA Breakout Pending
NVDA remains in a massive consolidation pattern just below the record highs.
Initial resistance eyed at 119.68 backed by a more significant technical confluence at 126.02/46 (61.8% extension of the August rally / August high-day close). Look for a larger reaction there IF reached with a close above needed to fuel the next leg towards 130.78 and the 100% extension at 141.52.
Key support remains unchanged at the 61.8% retracement of the April rally / August low-day close at 100.45/49. A break below this threshold would be needed to suggest a more significant high was registered in June and shift the focus back towards a test of the 200DMA (currently ~90).
Battle lines drawn . . .
Michael Boutros
MBForex
Initial resistance eyed at 119.68 backed by a more significant technical confluence at 126.02/46 (61.8% extension of the August rally / August high-day close). Look for a larger reaction there IF reached with a close above needed to fuel the next leg towards 130.78 and the 100% extension at 141.52.
Key support remains unchanged at the 61.8% retracement of the April rally / August low-day close at 100.45/49. A break below this threshold would be needed to suggest a more significant high was registered in June and shift the focus back towards a test of the 200DMA (currently ~90).
Battle lines drawn . . .
Michael Boutros
MBForex
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