Potential signal:
- If Nvidia can break above the $185 level, I will be a buyer with a stop loss at the $180 level, aiming for the $198 level.
Wednesday has been a bit negative for Nvidia, dropping a little over 1.2% as I write the analysis in the Afternoon session. The technical analysis for the market is still bullish, despite the fact that we have seen a significant amount of downward pressure as of late. Most of the selling pressure commenced once Donald Trump threatened China with more tariffs, but it is worth noting that all things considered, the downward move wasn’t anything astonishing, and so far, at least, it looks like the market is trying to find some type of floor.
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Technical Analysis
The technical analysis for this market is bullish from a longer-term standpoint, and it’s worth noting that we have been hanging around the 50 Day EMA. The 50 Day EMA is an area that traders watch for potential support, and over the last week or so, we have seen that come into fruition. Furthermore, we also have an uptrend line sitting just below that offers support, so it could be an area of interest for value hunters. Ultimately, this is a market that has attracted a lot of inflows as of late, but we also have a very obvious resistance barrier above that I will be watching in the form of the $185 level.
If we were to break down, then traders will probably pay close attention to the $170 level next, as it is a large, round, psychologically significant figure, and an area where we have seen some action previously. Ultimately, this is a market that I think, if the market can break above the $185 level, then buyers will probably flood into this market to really take off to the upside. At that point, I would anticipate that the market will probably go looking to the $200 level, which is the next large, round, psychologically significant figure to the upside that I think there is a lot of weight.
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