TA for NVDA Tomorrow 10/4/2024
Price Action Overview:
NVDA has recently broken out of a descending wedge, which is typically a bullish pattern. The stock has been testing the resistance zone near $122.40 - $122.76 and is consolidating slightly above this level. Volume is showing a potential shift in momentum after the breakout.
Key Support Levels:
$122.40 - $122.76: Current short-term support where the stock is consolidating. If NVDA holds this zone, it could fuel further upside momentum.
$118.85: A key support level within the wedge structure. If NVDA pulls back, this would be the next area to watch for a potential bounce.
$114.70 - $114.76: Strong support at the base of the wedge. This would be critical if NVDA sees a stronger pullback.
Key Resistance Levels:
$126.00 - $127.00: First resistance zone above the current price. If NVDA clears this, expect a potential continuation toward higher levels.
$130.00: Psychological level and a potential target if the bullish momentum strengthens.
Entry/Exit Points:
Entry (Bullish): Look for a break and hold above $126.00. This would confirm strength and provide an entry for a potential run to the next resistance at $130.00.
Entry (Bearish): A failure to hold above $122.40 could signal a pullback toward $118.85, offering a potential short entry.
Exit (Bullish): If entering around $126.00, look to exit or take profits near $130.00 or higher, depending on momentum.
Exit (Bearish): If entering below $122.40, consider exiting near the key support around $118.85 or $114.70.
Directional Suggestion:
Bullish Bias: With the recent breakout of the descending wedge, the overall sentiment leans bullish. A hold above $122.40 suggests a continuation upward, and a break above $126.00 would confirm further strength.
Bearish Scenario: If NVDA fails to hold above $122.40 and slips back into the wedge, a pullback to the $118.85 or $114.70 zone could occur.
This setup offers both bullish and bearish opportunities, with a key focus on whether NVDA can hold above its breakout level or face rejection at resistance. Always watch for confirmation and manage risk accordingly.
Let me know if you'd like any further insights!
NVDA has recently broken out of a descending wedge, which is typically a bullish pattern. The stock has been testing the resistance zone near $122.40 - $122.76 and is consolidating slightly above this level. Volume is showing a potential shift in momentum after the breakout.
Key Support Levels:
$122.40 - $122.76: Current short-term support where the stock is consolidating. If NVDA holds this zone, it could fuel further upside momentum.
$118.85: A key support level within the wedge structure. If NVDA pulls back, this would be the next area to watch for a potential bounce.
$114.70 - $114.76: Strong support at the base of the wedge. This would be critical if NVDA sees a stronger pullback.
Key Resistance Levels:
$126.00 - $127.00: First resistance zone above the current price. If NVDA clears this, expect a potential continuation toward higher levels.
$130.00: Psychological level and a potential target if the bullish momentum strengthens.
Entry/Exit Points:
Entry (Bullish): Look for a break and hold above $126.00. This would confirm strength and provide an entry for a potential run to the next resistance at $130.00.
Entry (Bearish): A failure to hold above $122.40 could signal a pullback toward $118.85, offering a potential short entry.
Exit (Bullish): If entering around $126.00, look to exit or take profits near $130.00 or higher, depending on momentum.
Exit (Bearish): If entering below $122.40, consider exiting near the key support around $118.85 or $114.70.
Directional Suggestion:
Bullish Bias: With the recent breakout of the descending wedge, the overall sentiment leans bullish. A hold above $122.40 suggests a continuation upward, and a break above $126.00 would confirm further strength.
Bearish Scenario: If NVDA fails to hold above $122.40 and slips back into the wedge, a pullback to the $118.85 or $114.70 zone could occur.
This setup offers both bullish and bearish opportunities, with a key focus on whether NVDA can hold above its breakout level or face rejection at resistance. Always watch for confirmation and manage risk accordingly.
Let me know if you'd like any further insights!
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.