NVDA has broken up through a very long-term resistance line (in black), and appears ready to enter into the orange wedge on recent headlines of a chip shortage, encouraging earnings, and very rosy projections for the firm's future in AI and robotics. A still-bullish but more conservative scenario is a rejection below the long-term upper resistance in black, followed by a rise into the wedge defined by the black and green line. A much more sobering scenario is a breakdown in 2020 back into the intermediate-term bullish green channel, yielding prices comparable to those of summer 2020 in the short-term.
Comment:
Back below black trend line! Testing the green trend line now. Breaking down from here could take us below $400 in a few big sessions.