NVDA - Swing Trade Idea
NVIDIA (NVDA) is gradually recovering after the recent sharp sell-off. We saw a structural shift with the recapture of the X-POC (Xtructure Changing Starting Point) around $102.50, where buyers stepped in, forming a high-volume node (HVN).
Following the X-POC recovery, NVDA gapped up, closing above this level and establishing a new point of control (POC) with significant volume at $105.
Today, NVDA opened strong but, as anticipated, encountered resistance just before the N-POC at $110.61. Bears took control, driving the price back down to the previous day’s POC at $105.
The key for the rest of the day is maintaining a close above $105. Ideally, closing above $107.10 (today’s POC) would strengthen the bullish case. However, if we see further declines, the critical support remains at the $102.50 X-POC.
Looking ahead, tomorrow's CPI report will likely set the tone for the FOMC meeting next Wednesday, potentially clearing the path for a return to all-time highs. For now, bulls need to break through the $110.61 N-POC and hold above it. If achieved, we could see rapid movement towards the $118 POC, with resistance expected before reaching the final target at the $126 N-POC.
Following the X-POC recovery, NVDA gapped up, closing above this level and establishing a new point of control (POC) with significant volume at $105.
Today, NVDA opened strong but, as anticipated, encountered resistance just before the N-POC at $110.61. Bears took control, driving the price back down to the previous day’s POC at $105.
The key for the rest of the day is maintaining a close above $105. Ideally, closing above $107.10 (today’s POC) would strengthen the bullish case. However, if we see further declines, the critical support remains at the $102.50 X-POC.
Looking ahead, tomorrow's CPI report will likely set the tone for the FOMC meeting next Wednesday, potentially clearing the path for a return to all-time highs. For now, bulls need to break through the $110.61 N-POC and hold above it. If achieved, we could see rapid movement towards the $118 POC, with resistance expected before reaching the final target at the $126 N-POC.
Options & Futures Trader
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.