NVDA A Bounce in the Making? Key Levels to Watch for Nov. 19, 24

4天前

NVDA has been in a short-term downtrend, with declining momentum as it approaches a key support zone. Currently trading near $140, the price action suggests a potential reversal or continuation setup, making it an exciting candidate for both scalping and swing trading strategies.

Price Action Insights:

Trendline Break Alert:
NVDA has respected a descending trendline, but the recent consolidation near $140 hints at a potential breakout. Look for price action around $142-$143 for confirmation of a trend reversal.
Support and Resistance:

Key Support: $137.10 (recent low) — this level must hold to prevent further downside.
Immediate Resistance: $143.30 — a breakout above this level could push the price toward the next supply zone at $149.

Supply and Demand Zones:

Demand Zone: $135-$137 — expect buying pressure in this area if the price revisits.
Supply Zone: $148-$150 — sellers may step in here, making it a logical swing trade target.
Order Block:

The $137-$140 range shows signs of institutional accumulation. Monitor volume and candlestick patterns for further validation.

Indicator Analysis:

EMA Strategy:
9 EMA vs. 21 EMA: The moving averages are flattening, signaling potential consolidation. A bullish crossover will confirm upward momentum.

MACD:
MACD histogram shows reducing bearish momentum. A bullish crossover on the hourly timeframe would strengthen the case for a move higher.

Game Plan for Scalping:

Entry Points:
Go long above $143 on a confirmed breakout with volume.
Short below $137 if the support breaks with momentum.

Exit Points:
Take profits near $145 for long scalps.
Cover shorts near $135.

Game Plan for Swing Trading:

Bullish Scenario:
Entry: Above $143 with strong confirmation.
Target 1: $149; Target 2: $155.
Stop Loss: Below $137 to limit risk.

Bearish Scenario:
Entry: Below $137 on a breakdown.
Target: $132.
Stop Loss: Above $143.

Thoughts and Suggestions: NVIDIA is in a pivotal zone. A break above $143 could signal the start of a reversal, while a failure to hold $137 may lead to further downside. For scalpers, focus on intraday levels and quick profits. Swing traders should wait for confirmation of the breakout or breakdown before entering.

Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always conduct your own research and trade responsibly.