NVDA this morning 10/16/24

Looking at NVDA this morning.

Current Price Action: NVDA is hovering around $132.40. After a recent drop, the stock is attempting a recovery, showing some consolidation in this area.

Volume Profile: The visible volume profile shows a key support level around $128.75. There’s a significant accumulation at the $132-134 range, indicating potential resistance overhead.

Resistance Levels: Immediate resistance can be seen at $134.02, with a stronger level around $138.47.

Support Levels: Strong support is around $128.75, with another potential bounce level near $126.69 if NVDA continues to drop.

MACD: The MACD shows a recent crossover, suggesting a bullish reversal attempt, but it may still be in a weak uptrend given the overall downward movement before it.

EMA: NVDA is currently near the EMAs, and crossing above them could trigger more buying interest, especially if volume picks up.

End-of-Day Outlook:
If NVDA can hold above the $132.35 area and break through the $134 resistance, we could see a test of the $138 level. However, if the current resistance proves too strong and it drops back below $132, there’s a likelihood of testing the $128.75 support.

Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always do your own research or consult with a professional before making any trading decisions.