NVDA: First week of June
Hey everyone,
Haven't given an NVDA idea in a bit despite day trading this almost every day so thought before I go away, I will provide my updated thoughts.
As I suspected it would, NVDA invalidated the larger term bearish setup on the weekly timeframe to go to 1,000 +. I was expecting resistance at 1,000 but uh.. yeah, no.
However, its really not looking good for NVDA at this point. We have another solid bearish setup on the daily timeframe:
Putting the target at around 900.
With the stock split coming up, this generally is bearish. This isn't NVDA's first split rodeo and the last split it had was indeed bearish.
Probability is bearish leading into Monday.
I expect NVDA to maybe see a bit of a sell at first and then range. Lots of fearless buyers on NVDA which makes the sells painfully agonizing.
Immediate TPs are in the chart with relevant resistance lines.
Invalidation of the bearish setup would require NVDA making a new ATH. If it does this next week, then the bearish setup is gone. If it fails to make an ATH then the bearish setup is in full force and effect.
It technically printed a confirmation candle of bearish setup today though, so keep that in mind.
Won't be able to update as away next week but, at the end of the day, let the price action do the talking and not opinions and biases. Watch the threshold levels and trendlines!
Safe trades everyone!
Haven't given an NVDA idea in a bit despite day trading this almost every day so thought before I go away, I will provide my updated thoughts.
As I suspected it would, NVDA invalidated the larger term bearish setup on the weekly timeframe to go to 1,000 +. I was expecting resistance at 1,000 but uh.. yeah, no.
However, its really not looking good for NVDA at this point. We have another solid bearish setup on the daily timeframe:
Putting the target at around 900.
With the stock split coming up, this generally is bearish. This isn't NVDA's first split rodeo and the last split it had was indeed bearish.
Probability is bearish leading into Monday.
I expect NVDA to maybe see a bit of a sell at first and then range. Lots of fearless buyers on NVDA which makes the sells painfully agonizing.
Immediate TPs are in the chart with relevant resistance lines.
Invalidation of the bearish setup would require NVDA making a new ATH. If it does this next week, then the bearish setup is gone. If it fails to make an ATH then the bearish setup is in full force and effect.
It technically printed a confirmation candle of bearish setup today though, so keep that in mind.
Won't be able to update as away next week but, at the end of the day, let the price action do the talking and not opinions and biases. Watch the threshold levels and trendlines!
Safe trades everyone!
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