Nvidia stock is falling hard. What's the turnaround point?
Hi everyone,
This time we are analyzing yet another beat-down tech stock
NVDA.
Unlike most other tech stocks, Nvidia is a giant. But even giants fall.
The analysis:
We can see exactly the same market structure I reviewed in my Cloudflare idea:
When Nvidia stock went parabolicly up in October-November 2021, it created poor thin volume profile. These thin areas not only tend to be revisited, but they also provide no support, when the stock is falling.
Therefore, we fall to the next high volume zone, which is 220-226.
Now we are at 233 and the structure is almost repaired.
230 is the next support zone. However, it did not see that much volume in the past.
Therefore, I expect the price to return to 220s and catch a bid there.
Please let me know what you think of Nvidia stock currently.
As always, trade wisely and good luck!
-----------------------------------------------------------------------------------------------------------------
Disclaimer!!!
This is not financial advise
This time we are analyzing yet another beat-down tech stock
NVDA.Unlike most other tech stocks, Nvidia is a giant. But even giants fall.
The analysis:
We can see exactly the same market structure I reviewed in my Cloudflare idea:
When Nvidia stock went parabolicly up in October-November 2021, it created poor thin volume profile. These thin areas not only tend to be revisited, but they also provide no support, when the stock is falling.
Therefore, we fall to the next high volume zone, which is 220-226.
Now we are at 233 and the structure is almost repaired.
230 is the next support zone. However, it did not see that much volume in the past.
Therefore, I expect the price to return to 220s and catch a bid there.
Please let me know what you think of Nvidia stock currently.
As always, trade wisely and good luck!
-----------------------------------------------------------------------------------------------------------------
Disclaimer!!!
This is not financial advise
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