NVDA: Will it hit our target? Let's see...
Hello traders and investors! Let’s update our thoughts on NVDA today!
In the 1h chart, NVDA is seeking the $ 269, its previous resistance and a technical target of this Double Bottom pattern we identified yesterday. The link to my previous analysis is below this post, as usual.
So far, NVDA just retested its 21 ema in the 1h chart, and it is bouncing back up, a trait of a bull trend. Despite today’s quick drop, the bias is still bullish in the short-term. As long as it stays above this support level, we can safely assume it’ll hit its target.
In the 1h chart, we don't have any reason to believe the trend will reverse, or that NVDA will drop from here. We don’t see any bearish structure, but we have yet to defeat its resistance in the daily chart:
We already mentioned this purple line before, and it seems it is working as an annoying resistance for NVDA. If it breaks it, probably NVDA will trigger a reversal pattern in the daily chart, which could make it seek the next resistance at $ 285.
So far, the scenario looks bullish, but if NVDA loses its 21 ema in the 1h chart, considering it is beneath its resistance in the daily chart, this could ruin the bullish bias, and we’ll have to update my thoughts on it. So far, the situation is under control.
If this analysis helped, remember to follow me to not miss any of my future updates on NVDA and other stocks.
In the 1h chart, NVDA is seeking the $ 269, its previous resistance and a technical target of this Double Bottom pattern we identified yesterday. The link to my previous analysis is below this post, as usual.
So far, NVDA just retested its 21 ema in the 1h chart, and it is bouncing back up, a trait of a bull trend. Despite today’s quick drop, the bias is still bullish in the short-term. As long as it stays above this support level, we can safely assume it’ll hit its target.
In the 1h chart, we don't have any reason to believe the trend will reverse, or that NVDA will drop from here. We don’t see any bearish structure, but we have yet to defeat its resistance in the daily chart:
We already mentioned this purple line before, and it seems it is working as an annoying resistance for NVDA. If it breaks it, probably NVDA will trigger a reversal pattern in the daily chart, which could make it seek the next resistance at $ 285.
So far, the scenario looks bullish, but if NVDA loses its 21 ema in the 1h chart, considering it is beneath its resistance in the daily chart, this could ruin the bullish bias, and we’ll have to update my thoughts on it. So far, the situation is under control.
If this analysis helped, remember to follow me to not miss any of my future updates on NVDA and other stocks.
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