NVDA Technical Analysis on October 9, 2024

Price Action:

Current Price: $132.99, with a recent high at $133.48.

Trend: NVDA is in an ascending channel, continuing a strong bullish trend with higher highs and higher lows.

Key Levels:

Support:
Immediate support at $130.61, which is the mid-level of the recent upward channel.
Lower support at $127.72, near the previous breakout point.

Resistance:
Immediate resistance at $133.48 (the current high).
Next key resistance is the psychological $135 level.

Indicators:
MACD: The MACD shows a slightly overbought condition, though it remains in bullish territory, suggesting momentum could continue upward.

Trading Plan:

For Bulls: Consider entering on pullbacks around $130.61 for a move toward $133.48 and possibly beyond to $135. Ensure stops are placed below the lower support at $127.72.

For Bears: A breakdown below $130.61 could signal a short-term retracement toward the $127.72 level, offering a potential short opportunity.

Outlook for Tomorrow:
Bullish Bias: NVDA's strong momentum could lead to a break of $133.48, with potential upside to $135. However, a failure to hold above $130.61 may signal a minor pullback.

Disclaimer:
This analysis is based on technical data and is not financial advice. Please conduct your own research and consider risk management when trading.