With
NVDA
, we are currently in a promising position to see a final exaggeration into the end of the year. The stock has risen over 180% percent in 2024 and I think we have a good chance to make 200% out of that. Looking at the chart we can see a clear uptrend trendline starting in August this year with multiple touchpoints along the line. Since October we're consolidating within the range from $131 to $153. After touching the trendline on thursday last week we're good to go higher (at least for now). Resistance will be the current ATH at $153. If we fail to hold the level at $131 on the daily chart the trade will be invalidated. That leaves us with 16.54% ROI in total.
Target Zone
Support Zone
Target Zone
Support Zone
Trade active
The trade was invalidated the moment the daily closed below $131. But yesterday, a nice intraday reversal amongst semiconductor stocks took place. That might be the sign of a bear trap. Entering the trade at $130 or slightly below could be a good chance. If we bounce lower from the now resistance at $131 the trade is finally over. Until then this could be a liquidity grab.