Technical Analysis for NVDA 8/5

Support and Resistance Levels

Resistance Levels:
$124.69: Significant resistance indicated by volume profile.
$121.51: Another notable resistance level.

Support Levels:
$106.73: Current support level.
$99.82 - $100.01: Lower bound indicated by volume profile.

Entry and Exit Points

Long Entry:
Entry: Above $121.51 if it breaks above with strong volume.
Exit: Near $124.69 (first resistance) or if it drops below $121.51.

Short Entry:
Entry: Below $106.73 if it shows continued weakness.
Exit: Near $100.01 (first support) or if it climbs back above $106.73.

Recommendations

Short-Term Trading (1-3 Days):
Potential Direction: NVDA might continue to decline if it fails to hold above the $106.73 support level.
Monitoring: Watch for price action around key levels, especially at $106.73 and $121.51.

Long-Term Trading (Weeks to Months):
Potential Direction: Monitor if NVDA can establish a base above $106.73. A breach below this level could see a move towards the $100 support. If it holds, a rebound towards $121.51 or higher resistance levels is possible.

Risk Management: Implement tight stop-loss orders to protect against unexpected volatility, particularly around the $106.73 level.
Combining technical analysis with a close watch on market sentiment will provide a robust strategy for trading NVDA. This is for educational purposes only. It is not financial advice.