NVDA Breakout Potential in Downward Channel. Nov. 4, 2024

Technical Analysis:
Current Trend: NVDA is trading within a downward channel but shows signs of a potential breakout, as it tests the upper trendline resistance.

Resistance Levels:
$142.26 - $144.50: Critical resistance zone near the top of the channel; a strong breakout above this level may signal bullish continuation towards $146 and beyond.

Support Levels:
$139.31 - $139.32: Closest support range, aligning with the current bid; if NVDA fails to hold above this, it could retrace toward $132.12.
$132.12: Major support level that has been tested previously, serving as a potential floor for further bullish attempts.

Indicators:
EMA (Exponential Moving Averages): NVDA currently trades near its EMAs. A confirmed move above the EMAs may strengthen the bullish outlook.

MACD: Shows upward momentum, suggesting buyers are gaining control, though further confirmation is needed for sustained strength.

Potential Entry Points:
Long Position: If NVDA breaks and holds above $142.50, consider a long entry targeting $144.50 and possibly higher.

Short Position: A rejection at $142 could lead to a retracement, providing a short opportunity down to $139, with a secondary target of $132.

Summary:
NVDA is at a breakout juncture within its downward channel. Monitor the $142 resistance closely for signs of continuation or reversal.

Disclaimer: This analysis is for informational purposes only. Always conduct your own research before trading.