Trade sideways before explore or double top and correct?
NVDA may trade sideways OR form a double top.
Double top scenario: if the price breaks below $840 support level, then likely that the stock will correct further down.
Trade sideways scenario: If it doesn't break and start forming a third wave, most likely that it will continue to trade sideways until the next financial results in May. Then will pass the resistance level above $960.
My current plan: Hold to see if it will break the support level. Otherwise cut loss.
If it starts to form a third wave, consider topping up nearer the results season in preparation for the resistance breakout.
Double top scenario: if the price breaks below $840 support level, then likely that the stock will correct further down.
Trade sideways scenario: If it doesn't break and start forming a third wave, most likely that it will continue to trade sideways until the next financial results in May. Then will pass the resistance level above $960.
My current plan: Hold to see if it will break the support level. Otherwise cut loss.
If it starts to form a third wave, consider topping up nearer the results season in preparation for the resistance breakout.
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