#NVDA possible short opportunity?
Few reasons why i think Nvidia could temporarily top here for a short term correction in price
(1) 100dma has been sticky as support and resistance in recent times - testing it as resistance currently
(2) Almost perfect symmetry in the length of this rally in comparison to the length of rally from January lows.
(3) wicks on candle shows some seller strength as we reach this resistance point
(4) Swing lows from December low also ties in with current levels
Putting all the above together.. could be worthwhile to enter short with a target back to around $240. To give stops some room would allow a move to $286 to prove I am wrong. However more aggressive traders should be fine to use $275-276 as tighter stops which should better the risk-reward ratio on the trade but is susceptible to being wicked out by the market.
(1) 100dma has been sticky as support and resistance in recent times - testing it as resistance currently
(2) Almost perfect symmetry in the length of this rally in comparison to the length of rally from January lows.
(3) wicks on candle shows some seller strength as we reach this resistance point
(4) Swing lows from December low also ties in with current levels
Putting all the above together.. could be worthwhile to enter short with a target back to around $240. To give stops some room would allow a move to $286 to prove I am wrong. However more aggressive traders should be fine to use $275-276 as tighter stops which should better the risk-reward ratio on the trade but is susceptible to being wicked out by the market.
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