NVDA for Tomorrow Trading (11/10/2024)NVDA is trading around $134.88 as of the latest price action on the 1-hour timeframe. Let’s break down a technical analysis (TA) for tomorrow’s trading:
Key Levels:
Resistance:
The nearest resistance is around $135.00, as indicated by the current price struggling to break through that level.
Beyond $135, there could be resistance near the $138.94 to $140 range.
Support:
Immediate support is seen at $132.65, where price previously bounced.
A stronger support level is at $130.83, which aligns with the broader upward channel and previous price reactions.
Volume:
The volume shows a slight tapering off as price approaches the $135 resistance, indicating that buyers may be hesitant, and we might see consolidation or a pullback unless volume increases.
Indicators:
MACD shows some mixed signals. There was a recent crossover that might indicate short-term downward pressure, but it's hovering around neutral levels.
Trendline:
The white trendline shows an upward channel, suggesting NVDA is in a short-term uptrend. The price is moving towards the upper bound of the trendline, and a breakout could take it higher.
Potential Scenarios:
Bullish Scenario:
If NVDA breaks the $135 level with higher volume, it could push towards $138.94 and $140 in a strong upward momentum.
Bearish Scenario:
If it fails to break $135, expect a potential pullback to $132.65 or even $130.83 support.
For tomorrow's session, watch the $135 level closely, as a break or rejection here will likely determine the direction. Keep an eye on volume and momentum for confirmation.
Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research or consult with a licensed financial advisor before making any investment decisions.
