Ichimoku Watch: Nvidia Eyeing Ichimoku Cloud Support In three successive days of selling, triggered after a bearish outside reversal formed on Thursday last week from all-time highs of $140.76, Nvidia (ticker: NVDA) has shed approximately -15.0% from the peak.
The company’s market value dropped more than US$500 billion to US$2.91 trillion, consequently pulling the chipmaker back to third place after briefly becoming the most valuable company in the world and surpassing Microsoft (ticker: MSFT) and Apple (ticker: AAPL).
Behind the sell-off is a combination of the CEO, Jensen Huang, selling almost US$100 million worth of shares a handful of days before (and after) it became the world’s most valuable company, along with worries about the company’s effect on the broader stock market indexes, and profit-taking after what has been a meteoric rise.
Ichimoku Cloud Support
As can be seen from Nvidia's daily chart, the stock’s recent movement has easily crossed below the Conversion Line (blue at $129.40) and is fast approaching the Base Line (red at $116.28), which could deliver support.
However, should further downside develop, the Ichimoku Cloud support (made up of the Leading Span A at $122.95 and the Leading Span B at $108.23) could be seen as a logical downside target for sellers in this market at the moment. You will also see that the chart offers support at $96.77 around the Ichimoku support zone.
Price Direction?
While it is unlikely that the party is over for Nvidia, the current correction will likely be viewed as an opportunity to get in at cheaper prices. Dip buyers, therefore, may seek suitable support levels to enter this market long. The combination of support just below $100.00 at $96.77 and the Ichimoku Cloud support area could be worthy of the watchlist.
RES
Network 18Hello and welcome to this analysis
After 13 years of downtrend its now trying to consolidate and form a higher low (March 2023) with the all time low made in March 2020.
Stock is currently on a pullback of its trend line breakout with support at 40-36 and immediate resistance between 62-72.
Sustaining above 72 it could rally till 125-170-270. While failure to hold 31-30 could lead further selling pressure.
RESPossibly seeing a fake breakdown?
I entered long today and am interested in the volatility that gas/oil names have. Only in commons. Expect 13-14$
Don't be silly! 🎅Hi everyone, Yurii Domaranskyi here. Let's take a look at the chart:
1. Price levels are working pretty well!
2. globally down trend locally uptrend
3. the level confirmed by 2 false breakouts
4. distant test
5. approached with big bars
6. there was a sharp approach on m5
7. no rollback
8. from that level continued strong move down
9. enough room for a move 1 to 5.1
10. the price came from below
11. no news for the last 10 days
12. no report in the following 2 weeks
Potential risk/reward ratio = 1 to 5.1 meaning that potential risk 100$ with the possibility to make 510$
If it does make sense to you, press a thumb up! 👍
XRP/USDT Historical S/R level possibly being flippedHistorical resistance possibly being turned into support here. If this is successful then ATH's are imminent.
ETH (ETHERIUM)COINBASE:ETHUSD
Price above previous hi. (major resistance)
a bounce off the golden fibs. push price higher
price moving above 100% re-tracement of the fib sequence.
looking for the target above into the next part of the sequence.
RES: LongRES is in a multi-month rising channel.
Broke a smaller falling channel after testing the multi-month rising channel.
- Also broke through 50MA
In the next few days the price will test $5.36 resistance.
The price needs to flip the $5.36 resistance to support, if failed to flip price will likely roll and retest multi-month rising channel.
- 50MA also being tested as support/resistance. Closed above 50MA, can it hold?.... TBD
Target: $7.50
Stop Loss: $4.43
US Stock In Play: $RES (RPC Inc)$RES rallied a further +3.99% to close at $6.77, putting it on a spotlight for a second re-test of its resistance turned support at $6.80 range that was highlighted previously. Wednesday’s closing affirms a higher angular (in momentum) trendline support for $RES, putting it in traction to re-test its Month’s high closing of $7.16 that was established during the opening of the week. The total cumulative rally from the breakout of its 3 months trend channel stance at +49.94% in 28 trading sessions.
Implied volatility of $RES have witnessed an increment to $0.45/day, a 28% increase in volatility of price action in 2 weeks. The breakout of $7.45 resistance will smoothly play out a long term trend reversal for $RES, confluence with a major MAs golden cross, with next significant levels to watch at $10.
$RES provides a range of oilfield services and equipment for the oil and gas companies involved in the exploration, production, and development of oil and gas properties.
US Stock In Play: $RES (RPC Inc)With $SPX suffering a further correction of -2.6% as investors begins to worry about rising yields where the benchmark 10-year U.S. Treasury note briefly crossed the 1.6% level, $RES rallied a further +8.31% to close at it’s 52-weeks high at $6.39. The total cumulative rally from the breakout of its 3 months trend channel stance at +39.33% in less than 19 trading sessions.
Implied volatility of $RES currently averages at $0.35/day, putting it on a spotlight to re-test its immediate resistance level at $6.80 in the upcoming session. Any signs of exhaustion will required $RES to break below $5.00 before End March 2021.
$RES provides a range of oilfield services and equipment for the oil and gas companies involved in the exploration, production, and development of oil and gas properties.
RPC, Inc. (RES) long.All description on the chart.
Please, don't forget to like and follow.
Thank you.
RES Gann ProjectionUse the low of .04982 ; use the high of .92756 & project out from there and these critical levels present themselves
acknowledge the strength of these gann levels
manage your own risk
gl hf
xoxo
snoop
USDCADThis swing trade setup has good Risk to Reward. Looking for price to continue up throughout the week, target set for 1.33500
RPC INC (RES) - Long +30% profitI'm longing @ approximately 9.71 with a long term target of at least 13.00
Tight stops.
Arguments:
1. Expanding diagonal identified (zoom out).
2. fib relations are respected in individual ABC waves.
3. 5th bearish Elliott wave withing wave C soon completed. (minor EW 1-5 as shown on chart)
4. Bullish divergence noted on the RSI charts
5. Volume and price action showing oversold status
6. MACD 4HR chart is showing promising signs of a reversal point approaching.
7. GAPS above need to get filled. (92% of all gaps in the markets get filled)
GBP/JPY Long IdeaThis is an anticipatory analysis based on price action combined with ichimoku. Structure is showing us we are in a wedge right now that should break bullishly. We do have several news events coming up that could affect this pair so I will wait for technical confirmation. The cloud is starting to get thinner indicating we may see a future bullish kumo twist soon. Look for chikou span to get free as well.
GBPUSD Shorting OpportunityLower highs on the day chart note that the GBP is struggling to maintain footing. Further, the strong resistance from above by the Ichimoku cloud casts doubt on any bullish rallies. The RSI and MACD indicators suggest that this is an optimal time to enter a position. The Fibonacci retracement gives us some profit targets and stop losses, as well as a level at 1.5373 that could serve as a trigger to execute the short order.
On the fundamentals side, the attached forecasts a rally in the dollar. This was confirmed at about 3 am this morning when the dollar rallied against all majors around 3 am.
100 Pip PlaysThis thing has been on a descend for awhile now. I think we found a bottom for the daily range. *Not Weekly*. Past performance when checking out the 4hr chart shows a very similar setup. The area has been highlighted to make your life easier. Just scroll back. It has got a lot of steam on the 4hr - Daily range. All looks well but then again, this is the market. Trade with caution.
*Note: Chikou Span is caught in price. This is not a breakout. Things could become very choppy.*
