NVDA looked ready to break out after making new ATHs, but failed and lost the 200 level while the broader market continued ripping higher. At the time, it looked like rotation into CPU and memory names such as INTC, AMD, and SNDK.
Despite that weakness, NVDA managed to hold the key 196 support level. Yesterday and today were the first real signs of relative strength returning, with it bouncing sharply back toward the Oct. 29 ATH around 212.
What’s also interesting is that NVDA is starting to form a bit of a cup and handle pattern on the daily chart. The recent pullback and consolidation under ATHs could be acting as the handle, while price continues tightening near breakout levels.
Tomorrow is important. If NVDA can continue showing relative strength and reclaim 212, that would be my long entry trigger targeting 216, then 220. A clean break above that area would likely confirm the daily cup-and-handle breakout as well.
If NVDA fails again at 212, I’d expect more consolidation heading into earnings on the 20th.
The 196 level remains critical support. If that breaks, especially on a weak earnings reaction, you could start looking at a potential double-top style setup similar to what happened with MSFT, which could open the door for a move back toward 170.
Despite that weakness, NVDA managed to hold the key 196 support level. Yesterday and today were the first real signs of relative strength returning, with it bouncing sharply back toward the Oct. 29 ATH around 212.
What’s also interesting is that NVDA is starting to form a bit of a cup and handle pattern on the daily chart. The recent pullback and consolidation under ATHs could be acting as the handle, while price continues tightening near breakout levels.
Tomorrow is important. If NVDA can continue showing relative strength and reclaim 212, that would be my long entry trigger targeting 216, then 220. A clean break above that area would likely confirm the daily cup-and-handle breakout as well.
If NVDA fails again at 212, I’d expect more consolidation heading into earnings on the 20th.
The 196 level remains critical support. If that breaks, especially on a weak earnings reaction, you could start looking at a potential double-top style setup similar to what happened with MSFT, which could open the door for a move back toward 170.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.