Trade of the Day
NVIDIA Corporation (NASDAQ: NVDA)
(Current Price: US$796.77) – TECHNICAL SELL
Sell price: US$796.77 Stop loss: US$840.00 (-5.43%)
Take profit 1: US$742.00 (+6.87%) Take profit 2: US$663.00 (+16.79%)
(1) & (2): NVIDIA Corporation met resistance after a retest of the US$834 prior support level it broke recently, following a breakdown of the ascending broadening wedge it was trading in. This provides a bearish signal.
(3): The Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators support the bearish view with decreasing momentum.
We expect the price to pull back further towards Take profit level 1 at US$742.00 to retest a previous horizontal resistance level in February 2024.
The price could then extend its bearish momentum towards Take profit level 2 at US$663.00 to retest a previous range support level in February 2024.
Expected timeline of the trade is 1-8 weeks from the date of report issuance.
Our research team has a fundamental recommendation of “BUY” with a target price of US$970.00
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I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).
