This is an important update to my last post on NVDA's distribution phase.
NVIDIA has continued to show rejection off the 1.618 extension level. One of the most significant bearish signals came following an impressive earnings report (False Break). Market makers faked out the market by trapping buyers above the extension level before aggressively pushing price back down into the range.
The white support trendline (Watch Here) is now the most critical level on the chart. As highlighted by the green arrows, this trendline has held as a low on multiple occasions.
As long as price continues to hold this trendline, NVDA will remain within its rangebound structure. However, if and when price breaks below it, expect a move toward the dotted yellow line at $153. This will be an extremely important level to watch upon a breakdown.
Side note: Based on one of my predictive Fibonacci models, also watch for a potential pivot low forming around $136.50 at some point in the future.
NVIDIA has continued to show rejection off the 1.618 extension level. One of the most significant bearish signals came following an impressive earnings report (False Break). Market makers faked out the market by trapping buyers above the extension level before aggressively pushing price back down into the range.
The white support trendline (Watch Here) is now the most critical level on the chart. As highlighted by the green arrows, this trendline has held as a low on multiple occasions.
As long as price continues to hold this trendline, NVDA will remain within its rangebound structure. However, if and when price breaks below it, expect a move toward the dotted yellow line at $153. This will be an extremely important level to watch upon a breakdown.
Side note: Based on one of my predictive Fibonacci models, also watch for a potential pivot low forming around $136.50 at some point in the future.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.