NVIDIA: Higher Timeframe Bullish Construction in Play!NVIDIA is showing a bullish uptrend construction, with key levels highlighted on the weekly chart.
The stock has dipped into the latest higher high level, finding support around $124.
The recent range has retraced 16% from the top, reflecting a healthy pullback within an uptrend.
If the $124 support level holds, there is potential for a higher timeframe bullish impulse targeting the $160 range, which aligns with the previous impulse that drove the stock to the $128 higher high.
📈 Trade Idea:
Monitor price action around $124 for signs of support, such as volume increases or bullish candlestick patterns.
Entry zone: Between $124 and $128, with stops placed below $124.
Targets:
TP1: $140 (mid-level resistance)
TP2: $160 (higher timeframe target)
🚨 Risk Management:
While the technical outlook leans bullish, it’s important to consider external factors or bearish triggers that could alter the setup.
🌟 Sentiment: Bullish
The structure on the weekly chart supports the idea of a continuation toward $160, provided the $124 support level remains intact.
Feedback and insights are welcome! Let’s discuss potential setups in the comments.
#NVIDIA #BullishTrend #StockAnalysis
