TLDR;
This YouTube video by Wicked Stocks provides a technical analysis of Nvidia's stock, focusing on key price levels and potential future movements. The analyst discusses critical support and resistance levels, highlighting potential buy and sell signals based on weekly closing prices. The analysis includes insights into how Nvidia's performance is correlated with the NASDAQ 100 (Triple Q) and broader market trends.
- Key price levels to watch include 182.70 for a buy signal and 175.19 and 168.79 for potential sell signals.
- The analysis suggests potential targets of 219.64 by the end of the year if certain conditions are met, and a possible downside target of 149.29 under specific bearish conditions.
- The video also mentions Wicked Stocks' recent stock picks and the availability of a 5-day free trial for accessing premium analysis.
Weekly Chart Analysis and Key Price Levels [0:18]
The analyst begins by examining Nvidia's weekly chart, noting that the stock is trading around a long-term channel top at 179.94, a level it broke above several weeks prior. The stock's movement seems correlated with the NASDAQ 100 (Triple Q); Nvidia's upward momentum may increase if the Triple Q closes above its 2.5-year channel top. A weekly close above 182.70 for Nvidia would signal a new high settlement price, potentially triggering a buy signal. This level also aligns with a descending channel top at 182.39. If Nvidia closes above 182.70, a target of 219.64 by the end of the year becomes a realistic objective, based on a full wave count from the January high against the April low.
Bearish Scenarios and Downside Targets [5:00]
The analysis identifies potential downside risks, particularly if Nvidia closes below 175.19, which is described as a four to five-month channel bottom. A close below this level would negate any compelling reason to remain long on Nvidia. Furthermore, a close below 168.79 would trigger a clear sell signal, potentially leading to a sell-off towards 149.29 within three to five weeks. The level of 149.29 is a former one-year channel top. The analyst suggests that while a range between 175.19 and 168.79 could offer day trading or swing trading opportunities, a break below 168.79 would shift the outlook to bearish.
Trading Strategy and Stock Picks [8:16]
Wicked Stocks recently released stock picks for Viasat and Zeta Holdings, which are currently pending. The analyst encourages viewers to explore these picks and other premium content by taking advantage of a 5-day free trial at wickedstocks.com. The trial includes daily analysis of the Triple Q and SPY, as well as weekly reports on Apple stock, the S&P 500, and the NASDAQ 100.