Breakout Imminent?
NVDA in two charts. Breakout to new all time highs or reject lower off current resistance?
Nvidia in 2 easy charts.
1️⃣NVDA - daily chart
Breakout, repricing in May of this year after earnings/guidance.
Price ran to new highs at a psychological level of around $500…$505.48 to be exact.
Currently bumping up against resistance.
2️⃣NVDA - daily chart
Same chart - drawn another way - bullish wedge pattern
Clear trendline since early 2023
So will NVDA break out and above the resistance line? I think so.
The chart pattern is STRONG and my bias is to the upside. Based on the chart pattern, this could happen today or out into February 2024.
However, if price does come down, the first line of support is near the lower rail of the wedge pattern (green line) before bouncing higher and approaching $500 again.
There is also risk that the huge gap just below $320 gets filled….at some point.
But for now the chart is telling me probabilities are for higher price in NVDA.
That’s all for now.
Eric