Nvidia unable to break overhead resistance (speculative short)
Nvidia numbers were great but Wall St wanted more.
Plus, China AI chip launch has been delayed.
Sentiment is turning slightly bearish on the stock and the weekly engulfing bearish candlestick is suggesting lower prices. Long term, I still believe Nvidia is a buy on the overhead resistance breakout.
For now, stocks can be placed above 504. Looking for prices to slide below around 440.
Plus, China AI chip launch has been delayed.
Sentiment is turning slightly bearish on the stock and the weekly engulfing bearish candlestick is suggesting lower prices. Long term, I still believe Nvidia is a buy on the overhead resistance breakout.
For now, stocks can be placed above 504. Looking for prices to slide below around 440.
Trade closed manually:
Will close Nvidia short now.
Going to get out at breakeven and will look for momentum to break the rectangle top
Going to get out at breakeven and will look for momentum to break the rectangle top
600 is the initial target. Order got filled at 508.