$NVDA — Technical Analysis
I created this channel back in the beginning of January, and have simply extended the lines — the stock is trading near the top of the channel and has stayed within it all year.
I see an open gap at $230.38, which lines up with the role reversal resistance areas from August & October of 2021 — that gap will act as a price magnet, until it is filled.
I can see a very considerable drop in volume in today's session, showing us that the buyers are losing momentum.
I can see a wide divergence between the K% (blue) and the D% (red) on the StochasticSlow oscillator (underneath volume).
I can see the CCI approach overbought territory with a hinge towards the downside.
Potential range break objectives included for both the upside & the downside.
High risk with potential range break to the upside, but I see high reward potential to the downside.
Be careful, because the bullish algos could keep gunning this market higher.
This is a classic bear market rally, and short seller buyback.
Don't get fooled into thinking that this week was the bottom!
I see an open gap at $230.38, which lines up with the role reversal resistance areas from August & October of 2021 — that gap will act as a price magnet, until it is filled.
I can see a very considerable drop in volume in today's session, showing us that the buyers are losing momentum.
I can see a wide divergence between the K% (blue) and the D% (red) on the StochasticSlow oscillator (underneath volume).
I can see the CCI approach overbought territory with a hinge towards the downside.
Potential range break objectives included for both the upside & the downside.
High risk with potential range break to the upside, but I see high reward potential to the downside.
Be careful, because the bullish algos could keep gunning this market higher.
This is a classic bear market rally, and short seller buyback.
Don't get fooled into thinking that this week was the bottom!
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