NVDA SECOND LEG UP? | SWING TRADE IDEA
NVDAI like what I see when looking at the Daily. In just over a month, it has gone from 130 to 221; almost a $100 gain!
We see it formed a base, which we can now see was an accumulation at the demand zone, and broke above 1/9 around $153.
Met resistance around 194.50 where it previously resisted in 12/13 and completed a double top between 8/4 and 8/16. Broke this supply zone and pulled back to retest it, making a swing low and now holding this 194.50/195 level as a demand zone (confirmed because it never retested previous low around $188).
Continued the trend to the next supply zone around $211. This level was previous from January- April 2022, testing it 4 times before it began forming a base, that we eventually ended up being a distribution phase.
Broke this level and made a high at 219.50 and pulled back to retest this broken supply zone. Bounced neatly off this level today and crossed previous high, closing at 221.73.
Tomorrow, if there is a break above today's high, I will look to take a day trade towards the high of previous consolidation period in April, near 225.
If we are able to hold that, there is a gap that has not been filled to 230. A hold above this level I will look to hold this swing long term
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