NVIDIA Stock Price Analysis | Top $NVDA Levels To Watch for Friday, July 12th, 2024

Summary

Kri Artech from Wicked Stocks delivers a detailed Nvidia report for July 12, 2024, highlighting key technical analysis points. The video emphasizes the significance of the 12986 resistance level, suggesting a potential downward trend towards 11041 if support fails. Kri also discusses the NASDAQ 100 and S&P 500 indices, offering insights for both day traders and swing traders, and invites viewers to WickedStocks.com for a free trial and additional stock picks.

Takeaways

• 📈 The script is a daily Nvidia report by Kri Artech from Wicked Stocks, discussing stock trends and analysis.
• 📊 Wicked Stocks offers a suite of daily and weekly analytical videos on various stocks and indices, including Tesla, S&P 500, NASDAQ 100, and Apple.
• 💡 The service targets 3-5 week swing traders and 3-5 month near-term investors looking for significant moves in stock prices.
• 🆓 Wicked Stocks provides a 5-day free trial for their premium content, which includes unique stock picks not commonly found on YouTube.
• 📉 Nvidia's stock has recently settled below a significant channel top at 12986, which is considered a sign of weakness and a potential shorting opportunity.
• 📌 The script mentions a new descending channel bottom at 11376 and a trend line from recent lows, indicating a bearish outlook for Nvidia's stock.
• 🔢 If the stock breaks below the intraday support level of 12525, it could reach 1209 by the closing bell, suggesting a volatile trading day.
• 🚫 The speaker advises against being long on Nvidia's stock currently, suggesting a short position due to the current downward trend.
• 📈 On the upside, if Nvidia's stock manages to close above 12986, it could reach 13745, indicating a potential bullish reversal.
• 📊 The speaker draws attention to the NASDAQ 100 and the QQQ index, which have been testing long-term channel resistance and are now retreating.
• 📌 A close above 13745 for Nvidia's stock is a cue for swing traders to go long, with a target of 14313 and potentially 15552 in the coming weeks.

Q & A

What is the main purpose of the video report by Kri Artech from Wicked Stocks?

The main purpose of the video report is to provide a daily analysis of Nvidia's stock performance, including an overview of the stock's technical indicators and future projections based on recent market movements.

What does Kri Artech suggest should be done with the 13050 channel top as a pivot point?

Kri Artech suggests that the 13050 channel top should no longer be considered a reliable pivot point due to the back and forth aspect of its performance and should be disregarded as a meaningful resistance or support level.

What was the outcome of the buy signal that occurred after the settlement above the classic channel top?

The buy signal that occurred after the settlement above the classic channel top did not yield the higher trades that Kri Artech anticipated and instead resulted in a failure to follow through, which is a sign of weakness.

What is the anticipated target for Nvidia's stock price if it continues to hold below 12986?

If Nvidia's stock continues to hold below 12986, the anticipated target is 11041 over the next 2 to 3 weeks.

What is the intraday support level mentioned for Nvidia's stock, and what is its significance?

The intraday support level mentioned is 12525, which is a channel bottom from the last couple of weeks. However, Kri Artech does not see this as a strong containment for the stock's downward movement, indicating that it is susceptible to violation.

What is the significance of the 1209 level in the context of the day trading strategy discussed in the script?

The 1209 level is identified as a potential bottom-out point for the day if the support at 12525 is violated, indicating a significant drop in the stock's price within the day.

What is the long-term implication of the new descending channel bottom at 11376?

The new descending channel bottom at 11376 is part of a range that indicates a narrowing zone of meaningful support, suggesting that the stock could potentially absorb selling pressure through August and possibly the rest of the third quarter.

What does Kri Artech suggest for swing traders regarding their position in the market currently?

Kri Artech suggests that swing traders should be short rather than long, as the current market conditions indicate a potential downward trend towards the 11041 channel bottom over the next 2 to 3 weeks.

What would be the cue for swing traders to go long according to the script?

The cue for swing traders to go long would be a closing above 13745, which would indicate a potential for meaningful gains and a target of 14313 within another day or two.

What additional services does Wicked Stocks offer apart from the daily Nvidia report?

Wicked Stocks offers a suite of both daily and weekly analytical video videos, including daily analysis of the S&P 500 Index, NASDAQ 100 index, Apple stock, and two individual stock picks a week, as well as a 5-day free trial for their premium services.

What are the stock picks mentioned in the script that are at the precipice of meaningful moves?

The stock picks mentioned are Rivian and Newmont Mining, the largest gold mining company in the world, both of which are expected to experience significant movements in the coming months.