NVDA: Bullish Above $141.17, Bearish Below $136.75After a thorough analysis, I've observed that NVIDIA Corporation (NVDA) closed at $138.64 in the latest trading session. The stock moved sideways during the second half of the day, suggesting consolidation and a potential setup for a significant price movement.
Key Levels to Watch
Strong Support: $136.75 (indicated by a white dotted line on the chart)
Immediate Resistance: $141.17
Upper Target: $149.28
Lower Targets: $135.08, $133.05
Bullish Scenario :-
Holding Above $136.75:
Remaining above this strong support indicates a possible swing bullish trend.
Break Above $141.17:
Surpassing this resistance could open the path toward the upper target of $149.28.
Consider long positions if the price sustains above $136.75 and especially if it breaks above $141.17.
Stop-Loss: Set below $136.75 to manage risk.
Take-Profit Levels: First at $141.17, then at $149.28.
Bearish Scenario :-
Break Below $136.75:
A decisive drop below this support within the next 1-2 days could signal a bearish opportunity.
Downside Targets:
Initial target at $135.08.
Potential further decline toward $133.05.
Consider short positions if the price falls below $136.75.
Stop-Loss: Set above $136.75 to limit potential losses.
Take-Profit Levels: First at $135.08, then at $133.05.
NVDA is at a pivotal point. The stock's ability to stay above or below the key support and resistance levels will likely determine its next direction. Traders should keep a close eye on these levels and exercise proper risk management due to potential volatility.