Good earnings pop and from the powers of GPUs and uses of GPUs beyond graphics. MACD difference shrinking; selling. RSI running overbought; be wary. Would not be surprised if it magnetizes to 45 a little bit or some taking profits near term. Be patient for an entry. Obey your rules.
While I am long term bullish on NVDA, this weekly bear divergence does not look good. I'm expecting a pull back to the 50 MA before resuming uptrend.
The stock is near 52 week high and PE of 32 is too high. I'd like to see a pullback towards the mid to low $20's for entry. Green lines are buy targets.
Possible double top and large divergence of MACD, RSI, and Strock RSI, indicate that NVDA is likely going down in the next few weeks. Look for support (or profit taking) around the 50 MA, as it has provided strong support in the past .
Earnings come out tomorrow, so keep your stop loss in check, long term trend, II will wait for Price Action to tell me to exit, or wait till TP is hit. Good Trading.
Open short Open Below 29.26 Stop loss = 29.65 Target1 =27.63 Target2 = 25.5
* Strong support at 20dma * Resistance at previously weekly closing high of 33.07 * Watch for breakout
Coming into Earnings NVDA is looking increasingly bearish. I believe NVDA will retrace to the .5 and .618 giving a target of 24.06 and 23.09. Cheers and Happy Trading. -Ryanhasoptions
NVDA had a nice Gap & Go 8/7, look for the shorts to BTC (Buy To Close) which will cause nice price rise with a possible re-test around 24 and a bounce after.