cup with handle pattern on the 1-hour time frame

Welcome to today's analysis! Let’s break down the current price action on NVDA and potential trade setups.

🌐 Overview: NVDA Forming a Cup with Handle Pattern
📈 NVDA is currently forming a cup with handle pattern on the 1-hour time frame. This pattern is typically bullish and could indicate a potential upward move.

🔄 Current Scenario:

NVDA has formed a cup shape and is now developing the handle. The handle is a consolidation phase before a potential breakout.
The key level to watch is the resistance at the top of the handle. A breakout above this level could signal a bullish continuation.
🔑 Key Levels to Watch
🔴 Resistance: Top of the Handle (Needs breakout for continuation)
🟢 Target: Measured move equal to the depth of the cup, projected from the breakout point.

🛠️ Trade Scenarios
📌 Bullish Scenario (Breakout Above Resistance)

If NVDA breaks and holds above the handle resistance, it could move toward the target level.
This breakout would confirm the cup with handle pattern and suggest a potential upward trend.
📌 Bearish Scenario (Failure to Breakout)

If NVDA fails to break out and instead moves lower, it could retest the support levels within the cup or handle.
A failure to hold above key support levels could indicate a potential reversal or further consolidation.
📌 Conclusion
NVDA is forming a cup with handle pattern on the 1-hour time frame. A breakout above the handle resistance could signal a bullish move toward the target level. If the price fails to break out, further consolidation or a retest of support levels may be necessary.