NVIDIA Corporation (NVDA) is pulling back aggressively following yet another positive Earnings report, where they beat the estimates again but the market is reacting with selling. That has been a 'norm' in the past 12 months but even from a technical standpoint, the price reached the 143.60 Resistance level (made of the February 18 High), so profit taking is technically normal market behavior here.
On the longer term however, this Resistance test potentially forms the top f a very powerful pattern, the Cup and Handle (C&H). At the moment, the market has the support of both the 1D MA200 (orange trend-line) and 1D MA50 (blue trend-line) and the Handle, which has just started, has some room to safely consolidate for a while before the pattern break-out upwards.
Technically, C&H patterns reach their 2.0 Fibonacci extensions after the break-out, so our medium-term Target is set at $200.
Notice also the Bearish Divergence on the 1D RSI, which is similar to that of late October 2024. A break below the 1D MA50 risks the bullish structure on this pattern.
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On the longer term however, this Resistance test potentially forms the top f a very powerful pattern, the Cup and Handle (C&H). At the moment, the market has the support of both the 1D MA200 (orange trend-line) and 1D MA50 (blue trend-line) and the Handle, which has just started, has some room to safely consolidate for a while before the pattern break-out upwards.
Technically, C&H patterns reach their 2.0 Fibonacci extensions after the break-out, so our medium-term Target is set at $200.
Notice also the Bearish Divergence on the 1D RSI, which is similar to that of late October 2024. A break below the 1D MA50 risks the bullish structure on this pattern.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.