NVDA Technical Analysis for Oct. 25, 2024Technical Analysis
Support Levels:
$137.47: This is a key support level as shown by the horizontal red line. It represents an area where the price may find buying interest if NVDA starts to fall.
$136.37: A lower support level that NVDA tested earlier. If the stock breaks below $137.47, this could act as the next area of demand.
Resistance Levels:
$141.88: This level represents a previous high that NVDA needs to break to continue its upward momentum.
$144.47-$144.50: This higher zone acts as a more significant resistance level where selling pressure may emerge based on prior price action.
Trendlines:
NVDA appears to be in a short-term downward trend, as indicated by the descending trendline from recent highs. It is testing the trendline now, and a breakout above it may signal a reversal in momentum.
Volume:
There’s a noticeable uptick in volume, which suggests increased interest as the stock approaches key levels. Higher volume near resistance could indicate a breakout if buyers overpower sellers.
MACD:
The MACD indicator appears neutral to slightly bearish, with signs of consolidation. No strong divergence or momentum signal is apparent.
Tomorrow's Outlook
Bullish Case: A breakout above the trendline and resistance at $141.88 could take NVDA to test the higher levels at $144.47-$144.50. Buyers stepping in on higher volume will support this move, and the broader tech sector's sentiment will play a role in further continuation.
Bearish Case: If NVDA rejects from the current levels and fails to hold above $137.47, it could drop further, testing the $136.37 support level or even lower. This scenario would be more likely if the stock continues to face pressure from sellers at the trendline.
Disclaimer
This analysis is for educational purposes only and should not be considered as financial advice. Always conduct your own research or consult a financial advisor before making trading decisions, as trading involves risk.
