NVIDIA Triangle Formation


Published On: 7 October 2024, 10:00 AM | Jun Yuan Kwong, Dealer

Key Entry Price Pivot(s):
  • 121.8
Recommended Trade:
  • Short at level 121.8
  • Take profit at 113
  • Stop loss at 128
Alternative Case:
  • Long at level 128.5
  • Take profit at 185.5
  • Stop loss at 100
Remarks:
  • Observing the daily chart of NVDA, the price is currently in a triangle formation.
  • The price is rejecting the triangle’s resistance, suggesting a possible move towards the support. A minor double top may form.
  • Traders should wait for a confirmed bearish bar before entering a sell trade.
  • For traders bullish on NVDA, a trend resumption trade is possible. They can join the breakout at the previous high, ideally waiting for a confirmed bullish bar closing above that level.
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