NVDA Stock - Can NVIDIA Still See Even Higher?

Summary

In this Nvidia daily update video, the host provides an in-depth analysis of Nvidia's stock performance, highlighting its impressive strength despite market challenges. The stock is holding above key levels, such as 169, with the nine exponential moving average (EMA) offering support. The host discusses potential bullish continuation if Nvidia maintains its upward momentum, with targets set around 172 and 178. Options flow analysis reveals a strong bullish sentiment, though some bearish activity is emerging. Overall, the market sentiment remains positive, but caution is advised as bears attempt to counter the rally.

Takeaways

• 😀 Nvidia stock has been unexpectedly strong, surpassing expectations for its performance.
• 😀 The stock has held above its rising channel, indicating continued bullish strength despite some challenges.
• 😀 The key support level to watch is around $169; if the stock dips below this, it could signal a retracement to the 9 EMA at $164.50–$165.
• 😀 A bounce off the $169 support level was observed, showcasing the strength of the bulls and the stock's resilience.
• 😀 If Nvidia closes above $172, it could indicate further upside potential, with targets reaching up to $178 based on Fibonacci extensions.
• 😀 The stock's performance has been remarkable, with little evidence of a significant downturn unless it loses the 9 EMA support.
• 😀 Nvidia’s stock has been holding the 9 exponential moving average (EMA) for an unusually long time, showcasing strong momentum.
• 😀 The options flow is mixed, but a notable $1.3 million call option at the $170 strike price for August 1 suggests a continued bullish outlook.
• 😀 Bears have been stepping in to try and halt the stock’s momentum, but the bulls remain firmly in control for now.
• 😀 The current market sentiment is positive, with the stock making impressive moves despite occasional bearish flows in the market.
• 😀 The speaker emphasizes the importance of monitoring key price levels, especially $169 and $172, for any signs of reversal or continuation.

Q & A

What is the current performance of Nvidia's stock?

Nvidia's stock has shown impressive strength, with a minor increase of 0.4%, closing at around $171. The stock has been holding strong above a rising channel, despite the challenging market conditions.

What is the key support level for Nvidia's stock?

The key support level for Nvidia is $169. The stock has recently bounced off this level by $2–$3, showing that it holds strong support here. If it loses this level and closes below it on multiple timeframes, it could indicate a potential downside.

What would indicate a potential downside for Nvidia's stock?

If Nvidia's stock starts closing below the $169 level on daily or hourly candles, it would be a warning signal for potential downside. A retracement to the 9 Exponential Moving Average (EMA), currently around $164.50–$165, could follow.

What is the significance of the 9 Exponential Moving Average (EMA) for Nvidia's stock?

The 9 EMA has been a strong support level for Nvidia's stock for an extended period. The stock has consistently held above this moving average, which makes it a critical point to watch for signs of weakness or a possible retracement.

What would be the next upside target for Nvidia if it breaks $172?

If Nvidia's stock closes above $172, the next upside targets are based on Fibonacci extension levels. The first target would be $175, followed by $178, which aligns with the 1.618 Fibonacci extension level.

How has Nvidia's stock been performing in the context of a bull flag pattern?

Nvidia's stock has been showing a potential bull flag pattern, which seems to have broken out. If the stock continues to rise, it would further confirm the strength of this bullish pattern, with a close above $172 being a key indicator.

What role does the options flow play in analyzing Nvidia's stock?

The options flow provides insight into market sentiment. A significant call option with a strike price of $170 for August 1st suggests that some investors expect Nvidia’s stock to continue its upward movement, possibly reaching $178. However, there was also some bearish flow towards the end of the day, indicating that some traders are attempting to counteract the upward momentum.

Why is the $169 level so important for Nvidia’s stock?

The $169 level has acted as strong support for Nvidia's stock, as evidenced by a recent bounce off this level. Losing this support could signal a retracement, but so far, it has held strong, and the stock has not fallen below it.

What is the current market sentiment towards Nvidia's stock?

The market sentiment towards Nvidia's stock is predominantly bullish. The bulls have been in control, and the stock has shown resilience despite the challenges. However, some bearish sentiment has emerged in the form of options flow, indicating that there are some traders trying to short the stock.

What does the Fibonacci extension analysis suggest for Nvidia's stock?

The Fibonacci extension analysis suggests that Nvidia's stock could potentially reach up to $178, which aligns with the 1.618 extension level. This level represents the maximum target for the stock in the short term, following its strong upward trend.