NVIDIA (NVDA) Technical Outlook - Momentum Slows After Rally
Overview: NVIDIA (NVDA) has been on a steady uptrend but appears to be entering a phase of consolidation after reaching recent highs. The 1-hour chart shows that the price is currently trading within an ascending channel, with potential signs of slowing momentum. Here’s a breakdown of key levels and indicators to watch as we assess possible short-term and swing trade opportunities.
Key Levels:
Resistance: $149.95 (recent high)
Support: $139.86 (near-term support), $135.33, $132.11 (stronger support levels below)
Price Action & Indicators:
Trend: The price remains within an ascending channel, suggesting continued bullish sentiment. However, the slope has slightly decreased, which might signal an upcoming period of consolidation or retracement.
Moving Averages: NVDA is trading above the EMA 9 and EMA 21, indicating short-term bullish momentum. A break below these EMAs would suggest caution for further downside.
MACD: The MACD histogram shows declining momentum, with a potential bearish crossover if sellers gain strength. This suggests a possible cooling-off period before the next major move.
Scalping Strategy:
For scalpers, watch for quick reactions around the support at $139.86. If NVDA holds above this level, look for intraday long entries, targeting a re-test of the recent high around $149. For downside scalps, a break below the $139 level could lead to a short-term move toward $135.
Swing Trade Outlook:
Swing traders should monitor the ascending channel’s lower boundary. As long as NVDA remains within this structure, the longer-term uptrend remains intact. However, a close below $135.33 could signal the beginning of a deeper correction, potentially testing $132.
Disclaimer: This is not financial advice. Please conduct your own research or consult with a financial advisor before making any investment decisions.
Key Levels:
Resistance: $149.95 (recent high)
Support: $139.86 (near-term support), $135.33, $132.11 (stronger support levels below)
Price Action & Indicators:
Trend: The price remains within an ascending channel, suggesting continued bullish sentiment. However, the slope has slightly decreased, which might signal an upcoming period of consolidation or retracement.
Moving Averages: NVDA is trading above the EMA 9 and EMA 21, indicating short-term bullish momentum. A break below these EMAs would suggest caution for further downside.
MACD: The MACD histogram shows declining momentum, with a potential bearish crossover if sellers gain strength. This suggests a possible cooling-off period before the next major move.
Scalping Strategy:
For scalpers, watch for quick reactions around the support at $139.86. If NVDA holds above this level, look for intraday long entries, targeting a re-test of the recent high around $149. For downside scalps, a break below the $139 level could lead to a short-term move toward $135.
Swing Trade Outlook:
Swing traders should monitor the ascending channel’s lower boundary. As long as NVDA remains within this structure, the longer-term uptrend remains intact. However, a close below $135.33 could signal the beginning of a deeper correction, potentially testing $132.
Disclaimer: This is not financial advice. Please conduct your own research or consult with a financial advisor before making any investment decisions.
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