Nvidia Reversal
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
Disclaimer
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.