Around 43 on the RSI is significant support (White line). How strong is it? Last Tuesday we bounce off it at 272$ and preceded to rally to 311$. At 311 we hit 3 strong resistances
1. Fibonacci level 0.236
2.Trendline resistance
3.RSI divergence (Yellow line)
No we are back at RSI support. If we lose that support we're headed to back to 233.55 gap close..
If we bounce we have enough room to head back to 288 before we reach RSI divergence (Yellow line). I don't we'll have enough juice in this climate to break that divergence honestly so even if we bounce and rally to 288 I think we're headed significantly lower this week. If it does break it I'll be sure to update
I highlighted the touches and fall through on NVDA RSI the for the last year. Everytime NVDA fell through 43 on the RSI the Nasdaq was going through a correction (March october). So if tech is having another correction history will repeat itself. Any longs should've scalps until it breaks divergence
1. Fibonacci level 0.236
2.Trendline resistance
3.RSI divergence (Yellow line)
No we are back at RSI support. If we lose that support we're headed to back to 233.55 gap close..
If we bounce we have enough room to head back to 288 before we reach RSI divergence (Yellow line). I don't we'll have enough juice in this climate to break that divergence honestly so even if we bounce and rally to 288 I think we're headed significantly lower this week. If it does break it I'll be sure to update
I highlighted the touches and fall through on NVDA RSI the for the last year. Everytime NVDA fell through 43 on the RSI the Nasdaq was going through a correction (March october). So if tech is having another correction history will repeat itself. Any longs should've scalps until it breaks divergence
