Watching NVDA for poss top
NVDA: watching the momentum (rsi) along w price action
Why: it made a huge run up; always be careful getting in later in a run
Arguments:
bull pivot: NVDA holding >140; this is a monster - so many position traders and investors have made great runs just playing & holding this bad boy
bear pivot: 3 possibilities
1. island gap at the top - gap up and then gap back down, leaving an island of candles alone
2. break of momentum/rsi trendline; **momentum change does not necessarily equal price action movement**
3. clear reversal candle - topping candle on daily
Why look at this review:
I chart more than just the price action. I like RSI and some MACD (only on M candles). Volume is key and the moving averages can give very useful information. RSI can (but not always) be a predictive indicator, whereas everything else is confirmatory.
Drawback to this review:
This is a shorter term review, Daily candles. Weekly and Monthly are better suited for investors.
If you check the W and M charts, you can see a divergence of the momentum/rsi to the downside.
Why: it made a huge run up; always be careful getting in later in a run
Arguments:
bull pivot: NVDA holding >140; this is a monster - so many position traders and investors have made great runs just playing & holding this bad boy
bear pivot: 3 possibilities
1. island gap at the top - gap up and then gap back down, leaving an island of candles alone
2. break of momentum/rsi trendline; **momentum change does not necessarily equal price action movement**
3. clear reversal candle - topping candle on daily
Why look at this review:
I chart more than just the price action. I like RSI and some MACD (only on M candles). Volume is key and the moving averages can give very useful information. RSI can (but not always) be a predictive indicator, whereas everything else is confirmatory.
Drawback to this review:
This is a shorter term review, Daily candles. Weekly and Monthly are better suited for investors.
If you check the W and M charts, you can see a divergence of the momentum/rsi to the downside.
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