NVDA Daily to Weekly Analysis

NVDA has broken below a very structural low creating a CHOCH at 440.66. On the 4H chart, NVDA has arrived at a demand zone between 418.46 and 413.12 while also arriving at a support of a seemingly falling wedge that is forming. This possible retracement area is also in confluence with an intermediate uptrend line (green) on the 4H chart and the daily 50EMA. The falling wedge pattern seems to be forming towards the overall uptrend line (blue) on the daily.

Trade Idea: This price presents a few trading opportunities in the short term and long term, to the upside and downside. First I would watch a bounce/retracement back up to the resistance zone at 443.97 and 437.90. Then watch for a reject of this resistance back down to the green intermediate uptrend line. (If price breaks above the wedge early and reclaims the resistance and holds as a support above 443.97, there will be swing/day trade opportunities back to ATH (all time highs).

If the reject is successful, I would watch how price reacts when it returns to the green intermediate uptrend line. It may hold, create a higher high the bounce to break out of wedge OR it may break below the green intermediate uptrend line to make a move back down to support at 406.13 and 400.42 and possibly lower to touch the major uptrend blue line before breaking out of falling wedge.

Overall, I am watching price acting within this wedge. These projected moves could unfold over the next few days or few weeks.

Remember, don’t predict, react ….

Plan the trade, Trade the plan …

Additional Pointer: Monitor ES/NQ to get a good idea of the overall direction. If there is some relative strength or weakness in comparison to ES/NQ the better.