NVDA: Time to BUY the DIP? Important Key Points!
Hello traders and investors! Let’s see how NVDA is doing today!
First, in the 1h chart, it is retesting the previous support level, and it seems it wants to react. We are far from the 21 ema, and the stock looks oversold.
The $ 246 is the next resistance to work with, and if NVDA reacts now, it’ll be easy to see it going up to this level again. The $ 209 is a very good support level, technically the best place for NVDA to react, and you’ll understand why soon.
Remember, we have an open gap (yellow square) which might help the price to retest the $ 269 (green line) again.
In this chart we understand better why this is the best place for a bullish reaction. NVDA is trading at a very important support level (black line), which was support for the stock multiple times in the past. To me , this might be a great time to buy the dip, as long as we see some confirmation as soon as possible.
Since NVDA is dropping with low volume, the stock is more sensitive to reactions (bullish or bearish). A good reaction in the 1h chart might be an incredible buy sign, but let’s be careful, as the daily chart is still bearish.
Only by breaking the descending purple trend line NVDA will become bullish in the daily chart again. I’ll keep you guys updated on this, as usual, so remember to follow me to keep in touch with my analyses.
First, in the 1h chart, it is retesting the previous support level, and it seems it wants to react. We are far from the 21 ema, and the stock looks oversold.
The $ 246 is the next resistance to work with, and if NVDA reacts now, it’ll be easy to see it going up to this level again. The $ 209 is a very good support level, technically the best place for NVDA to react, and you’ll understand why soon.
Remember, we have an open gap (yellow square) which might help the price to retest the $ 269 (green line) again.
In this chart we understand better why this is the best place for a bullish reaction. NVDA is trading at a very important support level (black line), which was support for the stock multiple times in the past. To me , this might be a great time to buy the dip, as long as we see some confirmation as soon as possible.
Since NVDA is dropping with low volume, the stock is more sensitive to reactions (bullish or bearish). A good reaction in the 1h chart might be an incredible buy sign, but let’s be careful, as the daily chart is still bearish.
Only by breaking the descending purple trend line NVDA will become bullish in the daily chart again. I’ll keep you guys updated on this, as usual, so remember to follow me to keep in touch with my analyses.
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