NVIDIA CORP.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 604.00 |
| Take Profit | 650.00 |
| Stop Loss | 590.00 |
| Key Levels | 400.00, 505.00, 577.00, 595.00, 600.00, 604.00, 650.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 577.00 |
| Take Profit | 505.00 |
| Stop Loss | 585.00 |
| Key Levels | 400.00, 505.00, 577.00, 595.00, 600.00, 604.00, 650.00 |
Shares of Nvidia Corp., the American giant in the field of video graphics processors, are moving in an upward trend at 595.00.
On the daily chart, the price is growing, retreating from the recent sideways corridor of 505.00–400.00.
On the four-hour chart, the upward movement has a high continuation potential since there is no serious resistance on its way, and the quotes can break the key resistance of 600.00 today. However, the “bears” may seize the initiative in the pair if the price drops below the local support level of 577.00.
Technical indicators are strengthening the buy signal: fast EMAs on the Alligator indicator are moving away from the signal line, trying to expand the oscillation range upwards, and the AO histogram is forming corrective bars above the transition level.
Trading tips
Long positions may be opened after the price rises and consolidates above 604.00 with the target at 650.00. Stop loss – 590.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 577.00 with the target at 505.00. Stop loss – 585.00.
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