NVDIA Technical buy now but recovery may take a bit longer.

29 jul

Last time we analyzed NVDIA corporation (NVDA) we called for a sell and clearly noted that it was not the time to buy yet (July 03, see chart below):

Our $110.00 downside Target got hit last week and as the price remains below the 1D MA50, it has entered an accumulation zone, which in the past has been very short-lived (April 19 2024, December 28 2022) and the price rebounded to a Higher High instantly or more long lasting (August 14 - October 31 2023).

In any event, NVDA has completed more than a -23.00% decline from its All Time High, which is the normal correction within the 22-month Channel Up, so that constitutes a new long-term buy entry for us. Our Target, whether we get a quick rebound or a longer-term one, is $170 (a 'modest' 2.0 Fibonacci extension).

On a side-note, the 1D RSI (black trend-line at the bottom of the chart) is also below the 40.00 mark, which within the Channel Up pattern has been the top of the long-term Buy Zone.

Note also that only a break below the 1D MA200 (orange trend-line), constitutes a long-term bearish reversal.


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