NVIDIA Stock Price Analysis | Top $NVDA Levels To Watch for Friday, August 16th, 2024

Summary

In the daily Nvidia report by Wicked Stocks for August 16th, 2024, Kri Artech discusses a buy signal triggered above the descending 2/3 speed line at $119.19, anticipating a rise to the $152.56 channel top by September. The analysis suggests bullish sentiment until then, with resistance at $125.68 and a potential target of $135.58. A close below $119.19 could signal a bearish turn, with $110.66 as a critical support level. The report offers free trials and insights for swing traders and investors.

Takeaways

• 📈 The presenter from Wicked Stocks provides a daily Nvidia report for August 16th, 2024, focusing on technical analysis and stock trading strategies.
• 📊 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, as well as weekly stock picks.
• 🆓 They provide a 5-day free trial for their services, encouraging viewers to visit WickedStocks.com for more information.
• 📌 A buy signal occurred on the close of Thursday, with the stock price of Nvidia moving above a descending 2/3 speed line at $119.19, indicating a potential buying opportunity.
• 🔺 The anticipated target for Nvidia's stock price by the end of September is the 15256 rising channel top, based on the current trend analysis.
• 📉 The presenter advises against aggressively playing the short side unless it's a single day strategy, as the stock has closed above the significant resistance level of $119.19.
• 🔄 There is a possibility of the stock price testing the former channel bottom at $125.68, which has previously contained buying pressures but was breached and led to a price collapse.
• 🚀 For 3 to 5 day swing traders, closing above $125.68 presents the next opportunity to go long, with a target of $135.58 by the end of the following week.
• 📍 The presenter emphasizes that holding above $119.19 is bullish for Nvidia into September, with the 15256 region as a 3 to 5 week objective.
• 📉 If the stock were to close below $119.19, it could signal multi-week selling, but the presenter is not comfortable with short positions on an overnight or multi-week basis unless the stock closes below the newly formed rising channel bottom at $110.66.
• 🔽 In the event of a close below $110.66, the outlook turns bearish, with a potential drop to $8604 over 2 to 3 weeks, indicating a significant shift in the trading strategy.

Q & A

What is the purpose of the video report from Wicked Stocks?

The purpose of the video report is to provide a daily analysis of Nvidia's stock performance, including technical analysis, buy and sell signals, and future price predictions.

What does Wicked Stocks offer on their website?

Wicked Stocks offers a suite of both daily and weekly analytical videos, including daily reports on Tesla and Nvidia, as well as weekly analysis on the S&P 500 Index, NASDAQ 100 index, and Apple stock. They also provide two individual stock picks a week for swing traders and a 5-day free trial.

What is the significance of the buy signal mentioned in the report?

The buy signal indicates a potential opportunity to purchase Nvidia stock, as it occurred above a descending 2/3 speed line, suggesting an upward price movement.

What is the anticipated price target for Nvidia by the end of September according to the report?

The anticipated price target for Nvidia by the end of September is $152.56, based on the current technical analysis and buy signal.

What is the current resistance level that the report suggests not to sell on a weekly basis?

The report suggests that there are no convincing weekly resistance levels that are worth selling on, as long as the stock holds above $119.19.

What is the session containment level mentioned in the report, and what does it signify?

The session containment level mentioned is $125.68. It signifies a price level that previously contained buying pressures and could potentially act as a resistance or support level in the future.

What is the strategy for trading Nvidia stock if the price closes above $125.68?

If the price closes above $125.68, the strategy is to go long, with a target of $135.58 for 3 to 5-day swing traders and $152.56 for 3 to 5-week swing traders.

What is the significance of the $119.19 level in the current analysis?

The $119.19 level is significant as it is the price at which the buy signal occurred, and it serves as a key support level. Holding above this level indicates a bullish outlook into September.

What would be the potential bearish scenario according to the report?

A bearish scenario would occur if the stock closes below the newly formed rising channel bottom at $110.66, which could lead to a drop to the $80s or even $8604 in the case of a monthly bottom.

What advice does the report give regarding selling Nvidia stock?

The report advises against aggressive selling on the way up to the target price of $152.56, and instead suggests selling on weakness, particularly if the stock breaks or opens below $119.19.

What is the 'No Man's Land' of trend identification mentioned in the report?

The 'No Man's Land' refers to a period of uncertainty where it is difficult to identify the trend, such as when the stock might bottom out at $110.66 and then turn higher again.