NVDA Analysis: Rebound or Breakdown! Nov.6, 2024

Price Action & Key Levels:

Support Levels:
Immediate support around $135 (current bid/ask zone), aligning with recent consolidation. A breakdown here could indicate further bearish sentiment.

Strong support around $132.12 and $130.26. If NVDA tests these levels, it may present a potential buying opportunity if accompanied by strong bullish volume.

Resistance Levels:
Closest resistance at $139.86, which has been tested multiple times without breaking through. This level represents the first bullish target if NVDA gains upward momentum.
Above that, $142.26 and $144.13 are further resistance zones. Breaking these levels may signal a stronger bullish move, especially if accompanied by a volume surge.

Trend Analysis:
NVDA is currently in a short-term downtrend, with a descending trendline resistance. The MACD is bearish, reflecting selling pressure.
Watch for a potential reversal if MACD begins to converge or cross bullishly, especially near strong support levels.

Entry/Exit Suggestions:
Bullish Entry: Consider entering around $135 with a tight stop if there is a strong rejection or bullish confirmation. Initial targets could be $139.86 and $142.26.

Bearish Entry: If NVDA breaks $135 with high volume, consider a short position targeting $132.12 and potentially $130.26.

Exit Strategy: For long positions, take profits at resistance levels and keep stops tight due to the current bearish momentum. For shorts, exit near support levels to secure gains.

Disclaimer: This analysis is for educational purposes only and is not financial advice. Please conduct your own research and risk management.