NVDA - At Potential Support
After pointing out NVDA's resistance would be the 1.618 (purple line) in this post:
https://www.tradingview.com/chart/NVDA/re7SmiiR-NVDA-At-Resistance/
It has called the top perfectly so far. Now what can we expect.
Well on the lower timeframe (4H) we do have a support line forming on our RSI (orange trendline near bottom). This coincides with earning coming out tomorrow that are expected to be very good. Therefore, this could be a potential low before the earnings report that send us up 10% back to the 1.618 or potentially higher (depending on how good earning are).
There is still a chance earning could be bad. The reason I say this is more chart based than fundamental based. Since we saw such a perfect rejection off the 1.618 it could just be player "in the know" frontrunning the market before everyone else panic sells on bad earnings. In the case scenario, I would still long from this level just with a tight stop loss.
Main thesis is we go up from here (at least near 1.618) and earnings are good, but I haver laid out both scenarios and should be a great trade setup either way.
https://www.tradingview.com/chart/NVDA/re7SmiiR-NVDA-At-Resistance/
It has called the top perfectly so far. Now what can we expect.
Well on the lower timeframe (4H) we do have a support line forming on our RSI (orange trendline near bottom). This coincides with earning coming out tomorrow that are expected to be very good. Therefore, this could be a potential low before the earnings report that send us up 10% back to the 1.618 or potentially higher (depending on how good earning are).
There is still a chance earning could be bad. The reason I say this is more chart based than fundamental based. Since we saw such a perfect rejection off the 1.618 it could just be player "in the know" frontrunning the market before everyone else panic sells on bad earnings. In the case scenario, I would still long from this level just with a tight stop loss.
Main thesis is we go up from here (at least near 1.618) and earnings are good, but I haver laid out both scenarios and should be a great trade setup either way.
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