NVIDIA Stock Price Analysis | Top $NVDA Levels To Watch for November 5th, 2024

Summary

In this Nvidia daily report for November 5, 2024, the analysis focuses on key technical levels, including support at 13566 and resistance at 15453. A bullish outlook is supported by a potential buy signal above 13789, aiming for a price target in the 150s over the next 2-3 weeks. However, a breakdown below 13305 signals a bearish trend, with potential downside targets near 12390 and the low 110s. Traders are advised to watch these critical levels for actionable buy or sell opportunities, and the report emphasizes the importance of risk management and strategic trading in volatile markets.

Takeaways

• 😀 The key support level for Nvidia is at 13566, which has contained selling pressure over the past two months.
• 😀 A close above 13566 would revalidate the target of 15453, with a potential time frame of 3-5 weeks.
• 😀 The descending channel top at 13789 is an important resistance level. A close above it would signal a strong buy signal for the next few days.
• 😀 If the price closes above 13789, short-term traders may target 14371, and longer-term traders can aim for the 15453 resistance.
• 😀 A settlement below 13305 (rising speed line) would trigger a sell signal, with downside targets at 12390 and possibly lower.
• 😀 Key resistance at 13789 acts as a pivot for potential price movement, indicating bullish or bearish momentum.
• 😀 The 13305 level is a strong support zone that could contain selling pressure through November, further supporting the bullish outlook if held.
• 😀 For day traders, selling at 13789 and buying at 13305 offers a potential short-term strategy with key levels to monitor.
• 😀 Over the next 2-3 weeks, the 15453 target remains in play if Nvidia holds above the critical support levels.
• 😀 If Nvidia closes below 13305, a significant decline to the 110s may occur, potentially setting up a longer-term bearish trend.
• 😀 Long-term traders should focus on the 16874 price target for late December, as this will be a significant price ceiling.

Q & A

What is the main focus of the Nvidia report for November 5th, 2024?

The main focus of the report is on Nvidia's price action and technical levels, specifically looking at the rising channel and key price levels such as 13566 (channel bottom) and 15453 (channel top). It also includes potential trade signals based on price movements.

What is the significance of the 13566 rising channel bottom?

The 13566 level is considered a key support level within a two-month rising channel, which has contained selling pressure. If Nvidia stays above this level, the expectation is for the price to move towards 15453.

What does a settlement above 13789 indicate for Nvidia's stock?

A settlement above 13789, the descending channel top, is seen as a bullish signal, suggesting that the price could move towards the 15453 target in the next 2 to 3 weeks.

What are the expected targets if Nvidia closes above the 13789 resistance level?

If Nvidia closes above 13789, the next target is 15453, which represents the upper limit of the rising channel, and this is expected to be reached within 2 to 3 weeks.

How does the 13305 rising speed line factor into the analysis?

The 13305 rising speed line is another support level that provides additional validation for the bullish outlook. Holding above this level further reinforces the expectation of the 15453 target. A settlement below 13305, however, would trigger a bearish signal.

What would a close below 13305 indicate for Nvidia's stock?

A close below 13305 would be seen as a bearish signal, likely leading to a sell-off and a potential target of 12390, which represents a Fibonacci retracement level based on the October price action.

What are the key levels for day traders based on the report?

For day traders, key levels include buying near 13305 and selling at 13789, with 13566 serving as a minor support level. A close above 13789 is also viewed as a solid swing trade signal.

What is the significance of the 15453 level in the context of the report?

The 15453 level represents the upper boundary of the rising channel and is a key resistance target. It is expected to be reached within 2 to 3 weeks, depending on the market's volatility and price movement.

How does the report suggest handling short positions on Nvidia?

For short positions, the report suggests selling Nvidia if the price closes below the 13305 speed line. A bearish move below this level could lead to a target around 110-114, which could be further leveraged through options, such as buying out-of-the-money puts.

What are the longer-term projections for Nvidia stock based on this analysis?

The long-term projections suggest that by late December, Nvidia's price could approach the 16874 one-year channel top. This level could act as a significant resistance for Q1 2025, and if surpassed, would signal a major bullish move.