Nvidia: Chances for a long setup are not that bad
Zaktualizowano
At a first glance, Nividia's chart doesn't look very good.
However, having the middle-term trend in mind, one could argue that the strong price slip could have found an end.
The middle-term average oscillation corridor normally provides a huge level of confidence, and most of the time the price will not tend to leave this area of security.
However, during the last trading days, there was a strong downside breakout, leading to a strong sell-off being supported by rising volumes.
Normally, this is a clear sign for a downtrend. However, the price reached a support zone where enough buyers felt that the current price is low enough for going in cheap.
This opinion is supported by a historical component (support line which was already tested in the past) and the fact that the SMA 200 catched up with the price development. As you can see, the SMA 200 was used as a support line two trading days ago.
Chances are high that the SMA 200 will continue to provide a decent level of support and buys will probably place long orders around that zone.
I went long a bit too early, but still believe that buys will not let the course drop below the SMA 200 (+ 1%). This would mean that there is a good chance for a long setup here, and one could go long with a very small position and extend it as soon as the price continued to stay above the SMA 200 for another 2-3 days.
Please know that I am a bloody amateur in trading, which means you shouln't take my opinion into account when making trading decisions.
Good luck!
However, having the middle-term trend in mind, one could argue that the strong price slip could have found an end.
The middle-term average oscillation corridor normally provides a huge level of confidence, and most of the time the price will not tend to leave this area of security.
However, during the last trading days, there was a strong downside breakout, leading to a strong sell-off being supported by rising volumes.
Normally, this is a clear sign for a downtrend. However, the price reached a support zone where enough buyers felt that the current price is low enough for going in cheap.
This opinion is supported by a historical component (support line which was already tested in the past) and the fact that the SMA 200 catched up with the price development. As you can see, the SMA 200 was used as a support line two trading days ago.
Chances are high that the SMA 200 will continue to provide a decent level of support and buys will probably place long orders around that zone.
I went long a bit too early, but still believe that buys will not let the course drop below the SMA 200 (+ 1%). This would mean that there is a good chance for a long setup here, and one could go long with a very small position and extend it as soon as the price continued to stay above the SMA 200 for another 2-3 days.
Please know that I am a bloody amateur in trading, which means you shouln't take my opinion into account when making trading decisions.
Good luck!
Zlecenie aktywne
If you are patient enough, you could also wait if the support line around 467 will hold for another day. I believe that the area between the SMA 200 and this support level could be tested again, however, this zone should be strong enough to attract enough buyers.Zlecenie aktywne
I also forgot to mention that last trading day's candle formed a bullish hammer, possibly indicating an upcoming reversal.Zlecenie aktywne
Today, it seems that the SMA200 is supporting the current development. As long as the price doesn't drop below the SMA 200, the sentiment could be bullish. The resistance line around 467 USD acts as an additional level of support. As long as the price doesn't drop below this level, one could argue that the price has found a level of stabilization.Zlecenie aktywne
What a day! Nvidia + 8%. The chart is back above the SMA200 (+1%). Just one day ago, the price went below the supporting line around 467 and therefore looked even more bearish than before.The jump back above the support line and the SMA 200 within one tradaying day now supports the more bullish approach where the price would move upwards together with the SMA 200.
However, please note that the price development might not be caused by the technical setup as described in my idea. Instead, the slight drawback at the interest rates of the US 10Y bonds gave enough buyers the courage to return to the stock. The support line at 467 USD and the SMA 200 might have served as orientation marks, though.
My mini long turbo on Nvidia doubled today, thanks to this great development. Will stay long as long for the moment.
Uwaga
Trading range on the middle-term chart (daily):The current trading range reaches from 472 USD to 640 USD.
Chances are high that Nvidia will trade between 485 USD and 535 USD during the next days.
Trading range on the short-term chart (hourly):
Between 463 USD and 513 USD.
During the next 2-3 days, it is likely that the price will trade between 478 USD and 510 USD. For the next 2 days, there is more room on the downside than on the upside, so it might happen that the price might go down a bit before returning to higher highs.
Uwaga
Trade is still active, and I don't regret it.Today we saw that the SMA200 band still provides a confident level of support to the price. The price stays above the SMA200 band. Will stay invested.
Uwaga
Trading range on the middle-term chart (daily): The current trading range reaches from 465 USD to 640 USD.
Trading range on the short-term chart (hourly):
Between 464 and 524 USD.
Most likely the price will trade between between 494 and 518 USD during the next 2 days.
Uwaga
Middle-term chart (daily):In addition to the comfortable distance to the SMA 200 band, the price also gained some grounds and reconquered the inner and narrow oscillation corridor.
Nvidia is now sitting above the inner border of this corridor, aiming at the SMA20 for sure. In total, the chart still looks a bit bearish but the perspective clearly brightens up.
Trading range is between 503 and 540.
Short-term chart (hourly):
Today, the candles managed to walk from the middle band (SMA20 hourly) to the outer border of the inner price corridor, thus leaving an even more bullish impression. However, this situations now leaves some room for smaller corrections or at least for a short-term price stagnation.
The trading range on the short-term chart is between 507 and 538. For the price, it might be harder to go upwards than downwards.
Summary:
In total, the trading range is somewhere in between 507 and 538 for the next 1-2 days.
Uwaga
The price stopped at the SMA 200 today. Still long.Transakcja zamknięta: osiągnięto wyznaczony cel
Closed this trade successfully
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.