The downtrend probably won't be happen in the near term, but the rebound alson have limited upside. But at least there are 2 possibilities ahead of the price.
I suspect Ascending Broadening Wedge is in process in weekly chart for Nvidia. The concern is the potensial downtrend pressure, especially if support trendline break.
I devide it on 2 scenario :
1. Rebound to 220/223 first. This mean no immediate breakout support anytime soon based on the count. The price will have to raise first with maximum target 220/223 before followed with rejection. But the raise don't have to be exactly 220/223. It can also retest the previous high (3) before rejected and fall.
2. No rebound, support 177/178 immediately broken, the downtren continues to the target area.
There area possibilities to go up first if Santa Claus Rally succeed to push the price above or near resistance, then after the seasonal trade for Santa Claus or January effect will face the profit taking and underpressure through the supportline.
After the pressure, we probably will see some demand on blue area to push the price back on the uptrend..that ofcourse..if no "AI-buble" coming in coming months
DISCLAIMER
Do with your own risk!
This is not suggestion! This is my personal view on the opportunities that could happen to Nvidia.
I suspect Ascending Broadening Wedge is in process in weekly chart for Nvidia. The concern is the potensial downtrend pressure, especially if support trendline break.
I devide it on 2 scenario :
1. Rebound to 220/223 first. This mean no immediate breakout support anytime soon based on the count. The price will have to raise first with maximum target 220/223 before followed with rejection. But the raise don't have to be exactly 220/223. It can also retest the previous high (3) before rejected and fall.
2. No rebound, support 177/178 immediately broken, the downtren continues to the target area.
There area possibilities to go up first if Santa Claus Rally succeed to push the price above or near resistance, then after the seasonal trade for Santa Claus or January effect will face the profit taking and underpressure through the supportline.
After the pressure, we probably will see some demand on blue area to push the price back on the uptrend..that ofcourse..if no "AI-buble" coming in coming months
DISCLAIMER
Do with your own risk!
This is not suggestion! This is my personal view on the opportunities that could happen to Nvidia.
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Exención de responsabilidad
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Publicaciones relacionadas
Exención de responsabilidad
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.