NVDA For Tomorrow Trading 10/8/2024

Key Levels:

Resistance: The recent high at 130.63 is a critical resistance level to watch. Breaking this level could lead to further bullish momentum.

Support: There are several support levels on the chart:
The first support is at 128.10, where NVDA is currently hovering.
A lower support zone is at 126.62, and below that, strong support is seen around 123.06 and 122.35.

Trendline:
NVDA is trending upwards, following the white ascending trendlines. As long as it respects this trend, NVDA could continue its upward move.
A break below the lower trendline could signal a reversal, and 126.62 would be the key level to watch for downside potential.

Volume:
The recent increase in price has been accompanied by higher volume, which is a positive sign of bullish momentum. However, volume appears to be tapering off slightly, which could suggest potential consolidation or a pullback.

Indicators:
While not visible, based on the price action and consolidation around 128.10, the current momentum may slow down if it fails to break through resistance.

Plan for Tomorrow:
Bullish Scenario: If NVDA holds above 128.10 and breaks through 130.63, expect a continued move upwards, potentially testing higher resistance levels around 132.50-135.00.

Bearish Scenario: A break below 126.62 could signal a deeper pullback toward 123.06, with the next support at 114.84.

Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making any trading decisions.