NVDA: The Next Inflection Point! (D&W charts)
Since our last study on NVDA, the price has successfully held above its critical support points, and we now see a good recovery.
The “Above the Stomach” pattern that we identified last month has been triggered, and NVDA is now looking for its next resistance levels.
The link to our previous analysis is below this post, as usual.
Daily Chart (Left):
Higher Highs and Higher Lows: The price is forming a series of higher highs and higher lows, which is a classic bullish trend pattern. This suggests strong upward momentum, with buyers stepping in at each retracement.
Resistance Level at $131.26: The next key resistance level is $131.26. This price point coincides with a previous peak and also aligns with a broader resistance zone observed on both timeframes (D and W charts). If the bullish momentum continues, the price could retest $131.26, and even if it materializes a pullback to the 21-day EMA wouldn't ruin the bullish sentiment.
Weekly Chart (Right):
Above the Stomach Pattern: The weekly chart shows a recent bullish reversal pattern known as "Above the Stomach." This pattern, which we deascribed in our previous analysis, suggests a potential shift from bearish to bullish sentiment.
Pivot Point at $131.26: The $131.26 area has been highlighted as a pivot point on the weekly timeframe, representing a key decision zone. A successful breakout and close above this level would likely trigger a more significant rally.
Ascending Channel: NVDA is trading within an ascending channel, maintaining its bullish trajectory. The lower boundary of the channel has acted as reliable support, suggesting that the long-term trend remains intact as long as the channel is respected.
Conclusion:
NVDA is showing strong bullish signs, supported by the formation of higher highs and lows on the daily chart and the validation of a bullish reversal pattern on the weekly chart. The main level to watch is $131.26, as a breakout above this point could accelerate the rally. For those seeking a longer-term perspective, maintaining the trend within the ascending channel is crucial. If $131.26 is broken, the next potential target could be the ATH.
The “Above the Stomach” pattern that we identified last month has been triggered, and NVDA is now looking for its next resistance levels.
The link to our previous analysis is below this post, as usual.
Daily Chart (Left):
Higher Highs and Higher Lows: The price is forming a series of higher highs and higher lows, which is a classic bullish trend pattern. This suggests strong upward momentum, with buyers stepping in at each retracement.
Resistance Level at $131.26: The next key resistance level is $131.26. This price point coincides with a previous peak and also aligns with a broader resistance zone observed on both timeframes (D and W charts). If the bullish momentum continues, the price could retest $131.26, and even if it materializes a pullback to the 21-day EMA wouldn't ruin the bullish sentiment.
Weekly Chart (Right):
Above the Stomach Pattern: The weekly chart shows a recent bullish reversal pattern known as "Above the Stomach." This pattern, which we deascribed in our previous analysis, suggests a potential shift from bearish to bullish sentiment.
Pivot Point at $131.26: The $131.26 area has been highlighted as a pivot point on the weekly timeframe, representing a key decision zone. A successful breakout and close above this level would likely trigger a more significant rally.
Ascending Channel: NVDA is trading within an ascending channel, maintaining its bullish trajectory. The lower boundary of the channel has acted as reliable support, suggesting that the long-term trend remains intact as long as the channel is respected.
Conclusion:
NVDA is showing strong bullish signs, supported by the formation of higher highs and lows on the daily chart and the validation of a bullish reversal pattern on the weekly chart. The main level to watch is $131.26, as a breakout above this point could accelerate the rally. For those seeking a longer-term perspective, maintaining the trend within the ascending channel is crucial. If $131.26 is broken, the next potential target could be the ATH.
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