NVDA Follows My Optimal Technical Price Path. What's Next?
by Mike Paulenoff
October 13, 2024 • 12:18 PM EDT
Over one month ago, on Monday morning, 9/09/24, I posted the following NVDA update for our members:
My near-term pattern work makes a compelling argument that the corrective downleg from the 8/16 high at 131 is nearing downside exhaustion and completion in and around 100 (Friday's low was 100.95). That said, unless and until NVDA climbs above 106.30 to 108.90 to trigger an upside reversal signal in my work, I cannot rule out another loop down to retest 100-101, and, if violated, into new corrective low territory at 95-97, the next lower Target Window from where my work expects a potent upside reversal signal... Last is 106.40...
During the subsequent three sessions after issuing a technical heads-up to our members, NVDA climbed above 108.90, triggering an upside reversal signal in my work, and thereafter, followed through to a close at 117.07 on 9/11/24.
The early September upside reversal signal proved very rewarding for MPTrader NVDA participants.
Fast-forward to last week's (Friday's) action and 29 subsequent updates from my 9/09/24 heads-up designed to help members navigate the price swings in NVDA, the stock hit a high at 135.78, representing a 28% advance from 9/09/24.
With NVDA sitting 5.4% from its all-time high of 141.60 (6/20/24) and earnings six weeks away (11/27/24), what is the most likely price path for the stock? Can NVDA climb and sustain new all-time highs above 141.60 before its next earnings report, or does it need another bullish catalyst to propel it sustainably higher?
Join MPTrader members and me ASAP for our frequent analysis and discussions of NVDA in the upcoming days, as well as their technical and fundamental discussions about many individual stocks, sector ETFs, macro indices, precious metals, crude oil, and Bitcoin...
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
On December 13, 2024, with NVDA trading at 132.54, down 13.3% from its All-Time High at 152.89 (11/21/24), and bearing down on a critical 8-week support plateau at 131-132, this is what I posted to MPTraders:NVDA Update: Approaching key support in the vicinity of 132 that if violated and sustained, could unleash the downside potential derived from a two-month top formation (everyone sees the Head and Shoulders formation by now).
Friday afternoon, fifteen minutes before the closing bell in the equity indices, this was my parting comment about Bitcoin:Heading into the weekend, the technical setup argues against holding shorts in Bitcoin... no?...
Many of you have been members of MPTrader for years, perhaps decades (I have been providing MPTrader.com analysis since February 2003!). Rarely do I take a victory lap about my stock, ETF, and market calls, largely because I have always thought my work should speak for itself, which obviates the need to bloviate and beat my chest to stroke my ego. At my core, I am a market nerd and Geek, not a slick-talking marketer (for better or worse).
Back on November 12, 2024, fellow MPTrader member "Rayray" wrote the following when ARCH (Archer Aviation) was trading at $4.83:Mike, as you may recall I have been an active follower of ACHR. I no longer have a position that I trade off of and am on the sidelines watching a move that I should have participated in . That said, is this the move to $9.00 that has been on the table for a while ?... My analysis: NO!...
On the morning of Tuesday, November 12, 2024, I posted the following Heads-Up to MPTrader members concerning my DIS (Disney) analysis ahead of earnings:DIS (Disney) reports earnings on Thursday morning. Technically, DIS approaches Earnings in strong near-term technical condition that argues for a positive reaction to earnings. As long as any forthcoming weakness is contained above 94.80, DIS points higher to 105.10/40, and if taken out, then to 113-115... Last is 100.25...