NVDA - Trading above key resistance - Will it hold?It's a great day!
Quick update on our little friend NVDA. We fell below the KEY support level of $118 in late August, but we recently reclaimed that level yesterday. Now that we are here, we need to stay above that $118 level and with today being Friday, it's even more important that we stay above $118 at market close.
Barring some resistance levels that still exist above us (compared to SPX and NDX where we've already reached those levels - more on that in the video commentary), I have placed a bullish price target at $146.
From a bearish stance not discussed in the video, I have a target of about $84 if October ends up being bearish. At this point, the probability is to the upside but that can obviously change at a moments notice.
Take your trades with precision and a plan. Have a plan when you're trading and stick with that plan. I tend to ask myself "Is this trade still valid?" or "Is the reason why I entered this trade still true?". These are the questions that will define you as a trader.
Investing is a different animal. If you like the company, you should have added to your position below $100 because that was a gift (in your eyes). If you're a trader, the same should have been true, but the reasons for staying in the position are different for traders vs investors. More on that another day.
Thanks for reading and please comment below if you have any questions!
