NVDA: the end of the rally. 21/02/2024
According to MarketWatch, a record number of call options have been opened for shares of NVIDIA Corp., which are likely to be closed following the company's report. All indicators are already priced in, even in the most optimistic scenario of the report. Consequently, the ongoing "rally" in the issuer's shares may end as early as Thursday.
This is why we are looking at the NVIDIA Corp. (NASDAQ: NVDA) stock chart today.
On the D1 timeframe, resistance has formed at 746.11, with support at 694.55 being broken through on Tuesday, 20/02. We can observe a change in trend from upward to downward. The target of this correction may be set at 606.92.
On the H1 timeframe, after a retest of the 694.55 level, a short-term target for a price decrease can be set at 635.69, while in the medium term, it could hover around 606.92.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
This is why we are looking at the NVIDIA Corp. (NASDAQ: NVDA) stock chart today.
On the D1 timeframe, resistance has formed at 746.11, with support at 694.55 being broken through on Tuesday, 20/02. We can observe a change in trend from upward to downward. The target of this correction may be set at 606.92.
On the H1 timeframe, after a retest of the 694.55 level, a short-term target for a price decrease can be set at 635.69, while in the medium term, it could hover around 606.92.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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