Nvidia (NVDA) Consolidation Continues Below Trend Line
Chart Analysis:
NVIDIA stock remains in a broader uptrend, with price action bouncing off a rising trendline (black) while consolidating within a descending channel (green zone).
1️⃣ Rising Trendline:
The trendline, established from early 2024 lows, continues to act as dynamic support, with the price rebounding from this level.
2️⃣ Descending Channel:
Recent price action is contained within a descending channel, reflecting short-term consolidation within the broader uptrend. A breakout above the channel could signal a continuation of the primary trend.
3️⃣ Moving Averages:
50-day SMA (blue): Positioned at 139.70, just above the current price, potentially acting as immediate resistance.
200-day SMA (red): Positioned at 116.64, confirming the long-term bullish structure.
4️⃣ Momentum Indicators:
RSI: At 52.29, reflecting neutral momentum and suggesting room for further upside if a breakout occurs.
MACD: Below zero, indicating lingering bearish pressure, though flattening momentum suggests the potential for a shift.
What to Watch:
A breakout above the descending channel and the 50-day SMA could confirm a resumption of the uptrend, with resistance near 150–155.
A failure to hold the rising trendline could shift attention to the 200-day SMA near 116.64 for potential support.
NVIDIA remains in a bullish framework despite short-term consolidation, with key levels providing a roadmap for the next directional move.
-MW
NVIDIA stock remains in a broader uptrend, with price action bouncing off a rising trendline (black) while consolidating within a descending channel (green zone).
1️⃣ Rising Trendline:
The trendline, established from early 2024 lows, continues to act as dynamic support, with the price rebounding from this level.
2️⃣ Descending Channel:
Recent price action is contained within a descending channel, reflecting short-term consolidation within the broader uptrend. A breakout above the channel could signal a continuation of the primary trend.
3️⃣ Moving Averages:
50-day SMA (blue): Positioned at 139.70, just above the current price, potentially acting as immediate resistance.
200-day SMA (red): Positioned at 116.64, confirming the long-term bullish structure.
4️⃣ Momentum Indicators:
RSI: At 52.29, reflecting neutral momentum and suggesting room for further upside if a breakout occurs.
MACD: Below zero, indicating lingering bearish pressure, though flattening momentum suggests the potential for a shift.
What to Watch:
A breakout above the descending channel and the 50-day SMA could confirm a resumption of the uptrend, with resistance near 150–155.
A failure to hold the rising trendline could shift attention to the 200-day SMA near 116.64 for potential support.
NVIDIA remains in a bullish framework despite short-term consolidation, with key levels providing a roadmap for the next directional move.
-MW
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