Conclusion for today’s NVDA stock analysis:
NVIDIA (NVDA) is expected to find support between 171.12 and 167.32 before price resumes current uptrend from 130.73.
Previous NVDA technical analysis looking at its 6 hour time frame moving averages (50 and 200), their implications and also price development anticipated can be found here.
NVDA Stock analysis for today uses a different approach to investigate price action via the use of Elliott wave analysis. More on the use of wave analysis in finding profitable set-ups is discussed here.
Two of the major benefits of using the Elliott wave principle amongst others are the following:
• It helps us provide context for price action
• Provides point(s) of invalidation for using it in chart analysis.
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Price action successfully held at the upper boundary of support (128.47) between 21 December 2018 and January 03, 2019, and is part of the basing process for price action since November 19, 2018.
Use of Wave analysis for today therefore focuses only on the most recent bullish price swing from January 04, 2019 to current date. Minuette wave (i) commenced at 130.73, followed by Minuette wave (ii), with Minuette wave (iii) identified as the most recent wave that has just terminated.
This (wave iii) did finish only a few points away from the top boundary (194.59) of overhead resistance mentioned in the previous analysis. Minuette wave iv is thus currently underway, and is anticipated to terminate in the region of the subminuette wave iv of Minuette wave (iii) i.e. 4th wave of one lesser degree.
This region coincides with support as indicated on the 6 hour timeframe chart between 171.12 and 167.32 where Minuette wave (iv) would have retraced ~38.2% of Minuette wave (iii).
Minuette wave (v) is therefore expected to resume upon termination of wave (iv). i.e. this implies higher prices in NVIDIA. Point of invalidation for this analysis is wave (iv) overlapping wave (ii), which means price should not continue to sell off and close below 134.71.
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