NVDA Charting and Overview (Short-Term Short)Hi Traders,
Here's my overview of NVDA stock from technical perspective using basic charting and ignoring all the AI frenzy.
1. On 4h time frame I could spot a bigger parallel channel which sits on March 24 highs, Jun 24 highs, August 24 lows (Gap closing). Based on this channel alone, the next target/resistance is ~136 per share area.
2. Also, there is another rising parallel channel which started on the lows of 6th of September. Since then, NASDAQ:NVDA has been printing higher highs until today. This channel upperband is also ~136 area.
3. Finally, if we take a closer look at previous highs where the price pivoted, you can find July 2024 high was the one and was ~136 (136.15 to be precise).
This way we have 3 (three) technicals signaling 136 level is a strong resistance and the price might retrace from there at least 4% (down to 130 where another support sits).
By the time I am writing this, the price is already in 134 area and I expect it to reach at least 130.
Tony.