NVDIA Rejected on the 1D MA100. Needs to break otherwise new Low

8 nov 2022

NVIDIA Corporation (NVDA) opened on more than +2.00% today but as it almost made contact with the 1D MA100 (green trend-line), it got rejected. This is far from ideal for the uptrend that started on the October 13 Low as the previous Lower High of this 12 month Bear Market was done again on the 1D MA100 (August 15).

With the 1D RSI entering its Resistance Zone since March 29, it becomes obvious that unless the stock closes above the 1D MA100, those bearish factors will start to weigh drastically and push the price even to a new Low on the Internal Lower Lows trend-line.

A closing above the 1D MA100 though, should push to the ultimate bullish test of this Bear Cycle on the 1D MA200 (orange trend-line), though it will still have to overcome the Internal Lower Highs trend-line. However the horizontal Resistance Zone of June (196.60 - 193.50) will be the last barrier, but with the 1W MACD on a Bullish Cross (if it manages to stay on this cross), most likely it will find enough barriers to break it and basically turn the long-term trend back to bullish and into a new Bull Cycle.



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