Nvidia pullback watch 📉
🚀 Overview
Nvidia just joined the $3 trillion club, but despite reaching new highs, signs of momentum waning suggest potential for pullbacks
📊 Technical analysis
After a strong rally, Nvidia shows decreasing volume and bearish divergence in the RSI, hinting at a possible reversal
🎯 Key Support Levels
1. $85 (38.2% Fibonacci): First major support, aligns with April’s low
2. $71.5 (50% Fibonacci): Near the 50-week MA (1 day timeframe), support zone
3. $57.3 (61.8% Fibonacci): Matches last year’s consolidation area
🛑 On watch
- Watch for rebounds at these levels to consider re-entry
- For the Fibonacci retracement to be validated, we need to see a red week, and see it it can consolidate to the downside
- No action planned after we get the confirmation of a down movement for a week, and if the following can hold below the first red one
🚀 Overview
Nvidia just joined the $3 trillion club, but despite reaching new highs, signs of momentum waning suggest potential for pullbacks
📊 Technical analysis
After a strong rally, Nvidia shows decreasing volume and bearish divergence in the RSI, hinting at a possible reversal
🎯 Key Support Levels
1. $85 (38.2% Fibonacci): First major support, aligns with April’s low
2. $71.5 (50% Fibonacci): Near the 50-week MA (1 day timeframe), support zone
3. $57.3 (61.8% Fibonacci): Matches last year’s consolidation area
🛑 On watch
- Watch for rebounds at these levels to consider re-entry
- For the Fibonacci retracement to be validated, we need to see a red week, and see it it can consolidate to the downside
- No action planned after we get the confirmation of a down movement for a week, and if the following can hold below the first red one