NVDA Heating Up! Is a Breakout Incoming? Mar 17 weekChecking NVDA on the 4-hour chart for some actionable trade setups.
📈 Technical Analysis (TA):
* NVDA clearly broke through its descending wedge, hinting at a bullish reversal.
* Noticed a Change of Character (CHoCh) which signals the momentum shifting upwards.
* Current resistance (supply zone) around $122–$126 is the key level to watch.
* Major support at the recent BOS around $104.35; keep an eye here if price retraces.
* Upper supply zone around $143 could act as a strong resistance if the breakout continues.
📊 GEX & Options Insights:
* Highest positive NET GEX and call resistance at $126—crucial gamma wall here.
* Strongest PUT support around $110, marking the lower boundary clearly.
* IV Rank at 36.1% suggests moderate premium pricing—consider credit spreads or debit spreads strategically.
* CALL ratio at 28.4% indicating slightly bearish options sentiment.
💡 Trade Recommendations:
* Bullish Play: Wait for NVDA to confidently close above $126; aim calls towards the $140 range. Keep stops tight around $120.
* Bearish Play: Look for rejection at $126. Consider puts targeting the $110–$104 zone.
* Neutral traders can implement Iron Condors or spreads between clear ranges ($110–$126).
🛑 Risk Management: Stick to disciplined trades, and manage your risk carefully given moderate volatility.
Happy trading, team!
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage your risk before trading.
