NVDA: Important reaction near a support level! What to expect?
Hello traders and investors! Let’s update our thoughts on NVDA today!
The market crashed, and it took NVDA with it. However, the drop was not that intense, as it seems the market already priced its main catalysts (or almost priced them).
In fact, what NVDA did was extremely technical: A pullback to the previous support at the black line ($208.88), and now it is doing a bullish reaction, as expected in support levels.
This doesn’t mean it is reversing, but it is a bullish reaction for sure, as despite the drop, the candlestick is very bullish. This could be the beginning of a mid-term reversal, but the confirmation will come only after we break the purple trend line.
In addition, it is important to wait for some bullish structure in the 1h chart, before calling it a buy. So far, we see no meaningful technical reaction, as NVDA is still doing lower highs/lows and it is below its 21 ema.
If it does a reversal, I see it easily filling the gap at $ 263 area. For now, we must wait for more patterns, as the situation is still very delicate. I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with my insights.
The market crashed, and it took NVDA with it. However, the drop was not that intense, as it seems the market already priced its main catalysts (or almost priced them).
In fact, what NVDA did was extremely technical: A pullback to the previous support at the black line ($208.88), and now it is doing a bullish reaction, as expected in support levels.
This doesn’t mean it is reversing, but it is a bullish reaction for sure, as despite the drop, the candlestick is very bullish. This could be the beginning of a mid-term reversal, but the confirmation will come only after we break the purple trend line.
In addition, it is important to wait for some bullish structure in the 1h chart, before calling it a buy. So far, we see no meaningful technical reaction, as NVDA is still doing lower highs/lows and it is below its 21 ema.
If it does a reversal, I see it easily filling the gap at $ 263 area. For now, we must wait for more patterns, as the situation is still very delicate. I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with my insights.
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