NVDA Near Key Resistance: Key Levels to Watch - Dec. 27Analysis: Trend and Price Action
NVDA is trading at $139.58, consolidating after a strong move upward. It is holding above both the 9 EMA and 21 EMA on the 1-hour chart, which suggests continued bullish momentum. However, the stock is nearing a key gamma resistance at $141, and consolidation indicates a potential breakout or pullback soon.
Volume Analysis: Volume has declined slightly during this consolidation phase, which is typical before a major move. Watch for volume spikes near $140 or $138 to confirm direction.
GEX and Options Oscillator Insights
* Gamma Exposure (GEX):
* Major Call Wall: $141 (key resistance).
* PUT Wall: $132 (strong support level).
* Highest Net GEX: $138, acting as a crucial pivot.
* Options Oscillator (IVR and IVx):
* IVR: 6.6, indicating relatively low implied volatility.
* IVx Avg: 43, suggesting subdued options premiums, ideal for swing trades.
Key Levels
Support
* $138: Critical gamma pivot and support.
* $133: Intermediate support.
* $126.4: Strong historical support.
Resistance
* $140: Immediate resistance.
* $141: Major gamma resistance and breakout zone.
* $147: Extended resistance if momentum continues.
Trade Scenarios
Scalping Strategy
* Bullish:
* Entry: Above $140.
* Target: $141.
* Stop Loss: $139.
* Strategy: Look for a breakout confirmation with RSI and volume spike.
* Bearish:
* Entry: Below $138.
* Target: $137.
* Stop Loss: $139.
* Strategy: Watch for EMA crossover and RSI bearish divergence.
Swing Trading Strategy
* Bullish Swing Setup:
* Entry: Sustained close above $141 with strong volume.
* Target 1: $145.
* Target 2: $147.
* Stop Loss: $138.
* Bearish Swing Setup:
* Entry: Break below $138 with strong selling volume.
* Target 1: $133.
* Target 2: $132.
* Stop Loss: $140.
Indicators Review
* 9 EMA and 21 EMA: Price remains above both EMAs, confirming bullish bias.
* MACD: Flat, indicating consolidation. A crossover will signal the next move.
* RSI: Neutral, not overbought or oversold.
Outlook
* Scalping: Focus on momentum above $140 for bullish trades or below $138 for bearish plays.
* Swing: A breakout above $141 signals further upside, while a failure could lead to a pullback toward $133 or lower.
Disclaimer
This analysis is for educational purposes only and does not constitute financial advice. Always perform your own due diligence and manage your risk effectively.
