Oct 9th NVDAIf tomorrow turns out to be bullish based on the 5-minute chart, the potential upward movement can be estimated by identifying resistance levels and the overall trend.
Key Points to Consider for a Bullish Scenario:
Previous Resistance Levels:
134.00 - 134.50: This range seems to be the most recent resistance zone. If the price breaks out, this would be the first target for a bullish move.
135.00 - 135.50: This level represents a round psychological resistance level, which often acts as a barrier. If the bullish sentiment is strong, reaching this level is possible.
Symmetrical Triangle Breakout (From the daily chart):
If you recall from the daily chart, the price has broken out of a symmetrical triangle pattern, indicating the potential for an extended upward trend. A bullish move on the 5-minute chart may continue this momentum.
Volume Confirmation:
If there's strong buying volume in the early minutes or during pre-market trading, it would add weight to the bullish sentiment, and the price could rise further. High volume tends to drive prices faster.
Projection of How High It Can Go:
First Target: If the bullish breakout sustains, the price can first test the 134.00 - 134.50 area.
Second Target: If momentum is strong, a push toward the 135.00 - 135.50 level would be the next logical step.
Beyond 135.50: If there is extremely strong buying pressure or news that drives the stock, we could see the price push above 135.50, potentially testing higher resistance levels near 136.00 or 137.00. However, this would require significant bullish sentiment and volume.
Conclusion:
If bullish tomorrow, the price could target levels around 134.00 - 135.50, with potential extensions toward 136.00 if momentum and volume are strong. Keep an eye on early price action and volume for confirmation of the trend.