NVIDIA Stock Price Analysis | Top $NVDA Levels To Watch for Friday, July 12th, 2024
Summary
TLDRKri 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.
Outlines
📈 Nvidia's Market Analysis and Strategy for July 12th, 2024
Kri Artech from Wicked Stocks presents a daily report on Nvidia's stock performance, emphasizing the importance of engaging with their platform for comprehensive market analysis. The speaker discusses the significance of certain resistance and support levels, particularly the channel tops at 12986 and 13050, and the recent settlement below a key channel top that triggered a buy signal. However, the failure to follow through on this signal is viewed as a sign of weakness, suggesting a potential downward trend to 11041 over the next 2-3 weeks. The speaker also mentions a new descending channel bottom and a trend line from recent lows, providing intraday support and resistance levels for day traders. The analysis includes a broader market context, referencing the NASDAQ 100 and the S&P 500 Index, and encourages viewers to subscribe for more detailed insights and stock picks.
📉 Nvidia's Short-Term and Swing Trading Outlook
This paragraph delves into the short-term and swing trading outlook for Nvidia, focusing on key price levels that could dictate market movements. The speaker outlines the intraday support at 12525 and the potential for the stock to reach 1209 if this level is violated, highlighting the volatility and the possibility of significant price movements. The upside potential is also discussed, with resistance levels at 13244 and 13745, which could contain buying pressure and indicate further upward movement if breached. The speaker advises swing traders on their position based on whether the stock holds below or rises above certain levels, with a closing above 13745 signaling a long position into a higher target of 15552. The paragraph concludes with a mention of recent stock picks by Wicked Stocks and an invitation to take advantage of their free trial to explore more insights.
Mindmap
Keywords
💡Nvidia
💡Channel
💡Settlement
💡Buy Signal
💡Support and Resistance Levels
💡Swing Trader
💡NASDAQ 100
💡Volatility
💡Trend Line
💡Swing Trading
💡Stock Picks
Highlights
Daily Nvidia report by Kri Artech from Wicked Stocks for July 12th, 2024.
Request for engagement: click, like, share, subscribe, and visit Wicket stocks.com.
Offering a full suite of daily and weekly analytical video videos including Tesla and Nvidia reports.
Daily and weekly analysis on the S&P 500 Index, NASDAQ 100 index, and Apple stock.
Two individual stock picks a week for 3 to 5 week swing traders and 3 to 5 month near-term investors.
A 5-day free trial is available upfront for Wicket stocks.com subscribers.
Technical analysis of Nvidia's long-term rising channel and near-term channel tops.
Disregard of the 13050 channel top as a reliable pivot point due to recent price action.
Buy signal on Thursday that failed to follow through, indicating a sign of weakness.
Anticipation of a price drop to 11041 over the next 2 to 3 weeks for Nvidia.
New descending channel bottom identified at 11376 as part of the current range.
Intraday support level at 12525 and its potential to be violated.
Potential for a bounce from 12525 back to 12986, but with a bearish outlook if violated.
Volatility precedent and the possibility of reaching 1209 by the closing bell.
NASDAQ 100 and QQQ index testing 4 and 1/2 year channel resistance and backing away.
Price points on the way down that could trigger a 1 to 2 month sell signal.
Upside potential with a push or open above 12986, aiming for 13745.
Intraday resistance at 13244 that could contain market strength.
Closing above 13745 as a cue for 2 to 3 week swing traders to go long.
Stock picks of the week: Rivan and Newmont Mining, both at the edge of significant moves.
Invitation to check out Wicked Stocks for a 5-day free trial and further analysis.
Transcripts
hi this is kri artech with Wicked stocks
bringing you your daily Nvidia report
for Friday July 12th
2024 but before we check out the charts
I just want to ask you to please click
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Wicket stocks.com where we offer a full
Suite of both daily and weekly
analytical video videos just like the
daily Tesla and daily Nvidia reports
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Apple stock as well as two individual
stock picks a week that you never see on
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let's take a look at the charts you're
familiar with this one this uh sort of
range longer term Rising Channel top
also a near-term channel top at 12986
the 13050 Channel top we're going to
begin to disregard as a reliable pivot
point I mean it has served us well
previously but the back and forth aspect
of it um you know we're just not
interested in continuing to consider it
uh a meaningful resistance or support
level but what I think is Meaningful uh
yesterday that is Thursday was the
settlement below this classic Channel
top that we settled above 3 days earlier
that set off a Buy Signal that should
have yielded higher trade than it did uh
in my opinion we should have kept up for
two to three weeks as I anticipated uh
but we closed back below 12986 and in my
book a failure to follow through and a
classic Buy Signal is in itself a valid
sign of weakness an actionable uh event
that you can play the short side from
and I do see that holding below 12986 we
are once again anticipating 11041 over
the next 2 to 3 weeks so if you got long
recently and you're still long know that
this Market can continue south over the
next 2 to 3 weeks to
11041 there's also a new descending
Channel bottom at 11376 it is part of
that range and we also have a trend line
off the lows here at 1209 today let's
get to the day itself you can see in the
support resistance I have
12525 as an intraday support level it is
a channel bottom over the last couple of
weeks but when you weigh it against the
having U you know settled back below
12986 I don't see this as containing it
might contain daily selling pressures
but I think it's highly susceptible to
violation today so day Traders can
certainly have at 12525 we can Bounce
from here back to 12986 but breaking
12525 should not come as a big surprise
today and and if so 1209 in reach by the
closing bell that would be uh a day not
unlike yesterday the volatility there's
plenty of precedent for that kind of
volatility so breaking or opening below
12525 should yield 1209 Inay where we
can bottom out for the day itself so the
day trade playing the short side below
12525 anticipating 1209 playing the
longside at 12525 if not violated in
anticipation of 12 986 but keep in mind
that holding below 12986 does maintain a
11376 objective a part of a narrowing
zone of meaningful support this is a
four five Monon Channel B I'm at 11041
this area a 2 to 3 we target able to
absorb selling not only through August
but quite possibly uh the rest of the
third quarter because from here we can
round back up to new highs I do want to
draw your attention to the triple Q I've
been mentioning both the NASDAQ 100
which looks identical to this the index
and the triple Q have been testing for
the last 2 weeks 4 and 1/2 year Channel
resistance and have now backed away I do
have price points on the way down that
if violated would set off you know
another one to two month sell signal to
the downside I personally think you
should apprise yourself of that
information by signing up for Wicket
stocks.com uh and you know it's $47 a
month uh you can make use of the triple
Q uh you can compare to some of the uh
things that are playing out in the in
Nvidia or you could disregard everything
I just said and just continue using our
free and video analysis I have no
problem with that um let's talk upside
today that in the event we happen to
push or open above the 129 uh 86
formation now is 13745 in reach
certainly with yesterday's volatility it
could be uh we do have 13244 on the way
up that should give the market trouble
on an intraday basis but if we push
through 13244 13745 is in reach today
this is kind of diametrically opposite
to what I was just telling you uh with
respect to the downside holding below
12986 we have intraday support at 12
12525 if violated should yield 1209 in
day inversely today to the upside uh
working our way up above 12986 we've got
13244 that can contain intraday strength
and if pushed through would allow
13745 by the closing bell 13745 is a
newly formed twoe channel Time that can
contain weekly buying pressure so the
way I am framing this is we are heavy uh
through next week below 12986
anticipating the 11041 channel bottom
over the next 2 to three weeks so swing
Traders uh can make use of that 2 to 3
week swing Traders uh I don't think you
should be long right now I think you
should be short if anything if you have
any position in the market right now it
is to the short side um now if we close
once again back above 12986 that does
neutralize the 1041 Target but in terms
of anticipating meaningful gains once
again as we move into August trade that
comes with a settlement above
13745 and under that scenario I would
expect 14313 within just another day or
two and yes this 15552 formation over
the next several weeks if we close today
Above 13745 So closing above
13745 is your cue two to 3 week swing
traders to go long and stay long
into what is now 15552 and climbing uh
inversely you're holding uh below 12986
holding below that level does maintain a
11041 2 to 3 we downside objective so
the emphasis is down below 12986 and it
turns up above
13745 over the 2 to 3 we time frame
inside of that is kind of a No Man's
Land I say of trend identification is
there anything else for me to say I will
say we put out a couple stock picks this
week rivan and Newmont mining the
largest uh gold mining uh company in the
world uh they're both at the precipice
of meaningful moves that should play out
over the next few months um and so you
might have a look see at that as well
Wicked stocks.com we offer a 5-day free
trial you can see all of our stock picks
for the next 5 days and everything that
we've done over the last few months many
of which are still relevant that is all
I've got please click like share
subscribe check out wiked socks.com I'll
be back Sunday afternoon no with
Monday's Nvidia you have a great weekend
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