NVDA is clearly overextended after the +1.000% rally and ready for a correction.Trees simply do not grow to the sky. And neither do stocks, especially Nvidia. I know that a lot of people are calling price targets of $250 and beyond, but we still have to respect gravity and the nature of fear and greed. Nvidia is simply overextended a retesting a 6 year resistance trendline. I do expect a correction between -20% and -30%, but also -60% is definitely possible.
Levels to watch: $120, $50
Keep your long term vision,
Philip - BasicTrading
Note
Quick update on Nvidia:It only looks like a tiny wick but it was already a correction of -15%. Maybe Nvidia stock (finally) found its top at the long term resistance trendline. Maybe I am also just too bearish and looking at Nvidia stock too objectively - who knows.
Levels to watch: $125, $50
Keep your long term vision!
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Keep your long term vision!
Free: Join our "Elite Trading" community👇🏻
discord.gg/jgdrYXwqyD
Free: Join our "Elite Trading" community👇🏻
discord.gg/jgdrYXwqyD
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.