NVDA - Long Position

2 Eyl 2022

Switching from what I usually do, I opened a long position on NVDA at around 134.21. NVDA was in an oversold condition (RSI below 30) due to headlines and the overall market sentiment. As it entered a demand zone, I decided to make a starter position on the stock. I closely watched SPY to look for a good entry and did just that. My TP for this play is around 143.73, a gap fill would be great but I will be a bit conservative with this play due to overall market conditions. I will decide if I add to my position depending on what the market does tomorrow. I won't hold this position for long (even though I believe it's at a good price level to enter as a long term) since I entered on my day trading account. I'll do an update on this play tomorrow. Good luck to everyone tomorrow.