NVDA Technical Aanlysis for Nov.1, 2024Technical Overview:
Current Price Level: NVDA is trading around $134.42, which lies below recent resistance levels and may act as a zone for potential pullbacks.
Support and Resistance:
Support: The nearest support level appears around $132.11, where price previously found stability.
Resistance: Significant resistance is present around $137.46 and $136.84, which could challenge upward movement.
Trend Analysis:
A downward trendline is apparent, with price currently testing it. This trendline may act as resistance unless a strong breakout occurs.
The EMAs are sloping down, suggesting bearish momentum in the larger trend, although recent candles show a potential attempt at a reversal.
MACD:
The MACD histogram shows positive momentum, with a recent crossover signaling potential bullish momentum. However, the move should be confirmed with sustained buying pressure.
Volume:
Volume on the recent upward move is moderately high, which can indicate buying interest. If volume increases as price nears resistance, a breakout might occur.
Trading Strategy for Tomorrow:
Bullish Scenario: If NVDA breaks above $136.84 with strong volume, this could open a path to test $137.46. A confirmed break above these levels might signal further bullish momentum.
Bearish Scenario: If NVDA fails to break above the downward trendline and $136 resistance, a pullback toward $132.11 is possible. A breakdown below this level may lead to lower support targets.
Entry and Exit Points:
Long Entry: Consider entry on a strong breakout above $136.84, with targets near $137.46 and a stop loss around $134.
Short Entry: Consider entry below $132.11 if bearish momentum picks up, with a target of $130, setting a stop loss above $134.
Disclaimer:
This analysis is for informational purposes only and is not financial advice. Always perform your own research and consider your risk tolerance before making trading decisions.
