• After we nailed the target at the 61.8% retracement on NVDA, it did trigger our Hammer candlestick pattern, and it seems it wants to reverse the trend;
• In the weekly chart, everything is going according to the plan, as it broke the 21 EMA, and it is doing another bullish candlestick pattern – The link to my previous analysis is below this post, as usual;
• However, it seems NVDA is trading near a key resistance now. As seen in the daily chart, it just hit the 38.2% Fibonacci’s Retracement, at $157. Also in the daily chart, the $157 area was a previous bottom on NVDA (Dec 07);
• In addition, this is where the 38.2% retracement in the weekly chart is – coincidence or not;
• Therefore, although NVDA looks promising, it has yet to break its main resistance level around $157. Only if it breaks it, we might see NVDA reversing the trend in the mid/long-term;
• For now, let’s keep these key points in mind. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
• In the weekly chart, everything is going according to the plan, as it broke the 21 EMA, and it is doing another bullish candlestick pattern – The link to my previous analysis is below this post, as usual;
• However, it seems NVDA is trading near a key resistance now. As seen in the daily chart, it just hit the 38.2% Fibonacci’s Retracement, at $157. Also in the daily chart, the $157 area was a previous bottom on NVDA (Dec 07);
• In addition, this is where the 38.2% retracement in the weekly chart is – coincidence or not;
• Therefore, although NVDA looks promising, it has yet to break its main resistance level around $157. Only if it breaks it, we might see NVDA reversing the trend in the mid/long-term;
• For now, let’s keep these key points in mind. I’ll keep you updated on this.
Remember to follow me to keep in touch with my daily analyses!
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