NVDA: When will it stop correcting?Hello traders and investors! Let’s see how NVDA is looking today!
First, in the 1h chart, it lost the key point at $ 272 (green line), which was not easy, and now it is just seeking its next support levels, as usual.
However, we can’t say it is a bull trend anymore, not in the 1h chart, at least, but if NVDA holds at the $ 262 area (red line), the previous support level, it might do a reversal pattern soon. What’s more, this support is quite close to the 21 ema in the daily chart:
In the daily chart, NVDA is already bullish, as we are doing higher highs/lows. The 21 ema is at $ 262, quite close to the support at $ 262 in the 1h chart, indicating that this is a dual-support level, seen in two different time-frames. This is a good candidate point for a reversal, but we must see a good reaction first.
To me, it would be great to see it reacting at this support area, and closing above the $ 265 (black line) again. This would be the confirmation sign we need on NVDA.
Despite the drop since March 29, we don’t see any bearish structure on it, and all we can assume is that this drop is just an ordinary pullback to the 21 ema, as it always does when the trend is bullish. NVDA could correct more only if the SPX/NDX keeps correcting, but hardly this would indicate a change in the trend.
I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses!
