NVDA - New All Time High!
By:TradingView
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NVDA has just posted a new all time high today. So where is price going next?
It is likely to continue increasing toward the 1.618 extension target, which currently sits around $240.
In addition to that extension target, the "Potential Resistance Trendlines" could also come into play. I have two drawn on the chart. A dotted red trendline representing the two wick high touchpoints and a solid red trendline representing the candle bodies. Each is drawn at a slightly different angle but both converge around the 1.618 level if price rallies there quickly.
Depending on when price achieves those targets, it could cause NVDA to create a high slightly above the 1.618 around $249 to $252.
Either way, NVDA appears positioned for continued upside toward those levels. However, if price begins to stall or significant selling volume starts to come in around the $240 to $250 range, that is likely where a top will form.
Only time will tell, but I wanted to outline these key levels in advance while the rally continues.
It is likely to continue increasing toward the 1.618 extension target, which currently sits around $240.
In addition to that extension target, the "Potential Resistance Trendlines" could also come into play. I have two drawn on the chart. A dotted red trendline representing the two wick high touchpoints and a solid red trendline representing the candle bodies. Each is drawn at a slightly different angle but both converge around the 1.618 level if price rallies there quickly.
Depending on when price achieves those targets, it could cause NVDA to create a high slightly above the 1.618 around $249 to $252.
Either way, NVDA appears positioned for continued upside toward those levels. However, if price begins to stall or significant selling volume starts to come in around the $240 to $250 range, that is likely where a top will form.
Only time will tell, but I wanted to outline these key levels in advance while the rally continues.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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