NVDA Technical Analysis for Oct. 24,2024Resistance Levels:
144.50 - 144.45: This zone represents immediate resistance for NVDA. Watch for any break above this level with strong volume to confirm a potential move higher. If NVDA cannot break this level, it may signal a possible reversal.
146.00: A higher resistance point, which if broken, could signal a bullish continuation, offering potential upside targets toward 150.00.
Support Levels:
140.20 - 141.82: This is a significant support zone, acting as a floor for NVDA's current price. If the stock finds support here, it could provide a strong bounce opportunity. Failure to hold 140.20 could result in further downside movement.
136.27: This lower support level could serve as a target in case of a bearish breakdown. A drop below this level could signal significant selling pressure.
Trendline:
The rising wedge pattern seen earlier has broken to the downside, indicating a bearish signal. This suggests that further downside pressure could be in play if NVDA fails to reclaim key resistance levels.
The stock appears to be in a short-term downtrend, but a bounce from support could trigger a reversal.
Volume and Momentum:
The increase in volume on the recent downtrend suggests that sellers have been in control, but the volume has decreased slightly as the price approaches key support. Momentum indicators are mixed, showing that a break of resistance or support could determine the next direction.
My Thoughts for Tomorrow’s Trading:
For scalpers, watch for price action around the 141.82 - 140.20 support zone. If the price holds here, you may see a bounce back toward 144.50.
For swing traders, a break below 140.20 could trigger a move toward 136.27 and below. Consider going short if this breakdown occurs. On the other hand, a sustained move above 144.50 could trigger a potential long position targeting 146.00 and higher.
Stay cautious for false breakouts and monitor volume for confirmation of directional moves.
Disclaimer:
This analysis is for educational purposes only and should not be considered financial advice. Always perform your own research and use proper risk management when trading. Trading involves significant risk, and past performance is not indicative of future results.
