Eye On NVDA Ahead Of Earnings
NVDA pressed to a new 4-1/2 month low at 392.30 today, and as we see on my attached 4-Hour Chart, the price structure is peering over the edge of a multi-month support plateau (396.50 to 407.64) that if sustained, will leave NVDA vulnerable to downside continuation toward filling the up-gap left behind on 5/25/23 from 305.40 to 366.35.
So far, NVDA has bounced off of 392.30, and has just crossed above 400. My pattern work argues that NVDA needs to climb above 416.70-417.60 to trigger new upleg reversal signals. In the absence of such strength, NVDA will remain vulnerable to a serious breakdown from its multi-month Distribution Top formation...
Perhaps AMD's earnings report after today's close will trigger a lasting directional impact on NVDA? Last is 399.16...