Technical analysis of nvda stock
There is only good news about NVIDIA ( nvda stock) . Business analysts say, mining of crypto currencies like bitcoin and many more are actually helping NVIDIA and pushing their stock prices to new highs.
NVIDIA (NASDAQ : NVDA stock) at a Technical breakout point
The chart shows NVDA is nearing a breakout from the current triangle pattern. Lets check the daily price action chart of NVDA . We will find out the trend from a multi time frame analysis approach.
Read how to start with price action trading analysis
NVDA Daily Price Action Chart
Look at the triangle pattern formed in NVDA daily chart. It is almost a perfect ascending triangle.
How does an ascending triangle pattern usually behave?
Ascending triangles usually breaks the upper resistance and reach higher highs. Let us go through the NVDA stock chart once again and find out possible moves. So we can expect an up trend sooner in this stock.
NVDA stock has tested the resistance level of 172 two times and back inside the triangle pattern. Now it has reached a point of breakout. Within a very few trading sessions it will breakout from the triangle.
The pin bar warning
Hope you have noticed the pinbar formed on last candle.
This is an indication that price can reverese once again from the resistance level. If there is a strong momentum with bad news, this can push the price down to the lower side. Be aware.
Expected move is a dip from current level to the lower support trend line of triangle pattern. This can take it to 166 level. If the price bounce back from that support, it is definitely a call for long trade with a stop-loss under 166. For a long entry. expected target is 187
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