This week’s analysis centers on Nvidia. The stock had a fabulous run since the AI boom started, tripling its price this year and nearly 10x since the start of 2023. It topped on the 20th of June and has since corrected by 14%.
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When we look at the chart, we can draw a trend line connecting the March and June tops. If we copy the trend line and move it down, we find a middle trend line where the price is right now, which has also interacted with it in the past. If we move the trendline further down, we can connect it to the April low, providing a potential future support level.
In addition to the trend line, there is also horizontal support between $107 and $115. Therefore, we have support from the trendline converging with the horizontal support in the green support zone on the chart. If the price comes down into this area and holds support, it could definitely present a very good opportunity. However, if the support zone is broken, that would suggest further downside. For subscribers, it is very important to follow our risk management measures that we provide with all our services to protect against losses in case the support zone breaks. Follow us for updates and guidance on navigating Nvidia.
The world of finance is complex and includes many technical terms. For explanations of these terms, I recommend using the Investopedia dictionary.
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