It had previously broken out of the descending channel, but seems to right back in, which is not a good sign. Any fake breakout to the upside and going back into a bearish pattern is uber bearish imo. In conjunction, it is currently trading under the 9MA, and I have a simple rule: don't buy when under any MA indicator lol.
Using the 30 minute rather than the 1 hour chart bc I find it a bit easier to read.
Right now, it is important that the 240 level holds. Below 240, we can see 236ish and I don't have a key support until 231 (previous gap fill).
I was hoping for it to reach 270, but looks like it may not get there with this current market environment.
It is a tough market for swing traders, as it seems a lot of moves are erratic and not consistent in the past few weeks.
I have a bias toward the downside, but am aware that earnings are coming up on 02/16 and have a feeling that NVDA will destroy as usual.
We'll see how it plays out.
Still love this stock long term, but in the short term, I'm looking at
02/18 230p as a hedge in this market if daily close < 240.
02/18 250c if daily close > 240.
Using the 30 minute rather than the 1 hour chart bc I find it a bit easier to read.
Right now, it is important that the 240 level holds. Below 240, we can see 236ish and I don't have a key support until 231 (previous gap fill).
I was hoping for it to reach 270, but looks like it may not get there with this current market environment.
It is a tough market for swing traders, as it seems a lot of moves are erratic and not consistent in the past few weeks.
I have a bias toward the downside, but am aware that earnings are coming up on 02/16 and have a feeling that NVDA will destroy as usual.
We'll see how it plays out.
Still love this stock long term, but in the short term, I'm looking at
02/18 230p as a hedge in this market if daily close < 240.
02/18 250c if daily close > 240.