Just a follow up on my previous Nvidia idea that I've shared in the link. I am still running my long term short on Nvidia, last week we saw it go sub $400 before rallying back above $450.
In this chart there are 2 lines I'm watching. The first is the newly forming downtrend which it seems to be sticking to at the moment
The second in the strong long term uptrend that's held since Dec 22. That trendline was broken recently and now we are retesting it. I believe that momentum is running out in Nvidia and it's struggling to break Higher highs. That doesn't been we wont see a fake out in the coming week but I'm more inclined to believe that towards the end of the week we start to see Nvidia really falling off. My target for end of week $435 or lower.
My Main Targets for this Trade: T1 - $373 T2 - $326 T3 - $263 T4 - $203
Once the gap is filled I will place a stop loss in profit and try ride this thing as far down as I can
Thanks for reading, NFA
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This trade is still live, Our Stop Loss at $507 didnt trigger which came during after market hours. Could have taken home nice profit when we went sub $400 but my initial target was a little lower.
same trade, will do a new chart as the TA in this is out. That Gap is still our main target. Instead of waiting for $373 I'll start putting in stops around $410 when/if $400 breaks.
Either way $507 is still the stop loss $481 was the short entry