NVDA Stock - Big Move Coming Soon?

Summary

In this Nvidia daily update, the host analyzes Nvidia's stock performance, highlighting a 3.5% pop in its price. The technical outlook shows a potential bullish head-and-shoulders pattern, but the breakout is still uncertain. He discusses various support levels and key resistance points, including the significance of the 174 price level and a potential breakout from a pennant formation. The video also mentions broader market trends, options flow, and the Q's market, noting that while the bulls are in control, caution is needed. The video emphasizes patience in monitoring the stock's movement for clearer trends.

Takeaways

• 📈 Nvidia stock rose by 3.5% today, signaling potential bullish momentum.
• 🛡️ Key support for Nvidia is around $169–$170, which bulls are currently defending.
• 🔺 A potential bullish head and shoulders pattern is forming, indicating possible upward movement.
• 📊 A massive pennant formation is developing; a breakout will determine the next major trend.
• 💹 Bullish breakout target for Nvidia is around $181–$183, aligned with Fibonacci resistance levels.
• ⚠️ If Nvidia falls below $170, it may signal bearish continuation and lower lows.
• 📅 Market resolution for the pennant is expected by the end of September.
• 💰 Options flow shows heavy bullish activity, though some high-risk, out-of-the-money contracts exist.
• 🌐 Broader market (Q’s) shows slight bearish divergence but key EMAs and support levels remain intact.
• ⏳ Patience and confirmation are crucial before assuming trend direction; the stock is still in a battleground between bulls and bears.
• 📌 Weekly chart shows Nvidia holding the 9 EMA as support, but the pennant's outcome will guide future trend analysis.
• 🔄 Market levels to watch: Q’s minor support at 575 and major support at 560; drops here could drag Nvidia to $150.

Q & A

What was the percentage increase in Nvidia's stock discussed in the video?

Nvidia's stock increased by 3.5% on the day discussed.

What technical pattern is currently forming on Nvidia's chart?

A potential bullish head and shoulders pattern along with a pennant formation is developing.

What key support levels should be monitored for Nvidia?

Key support levels are around $169 to $170.

What would indicate a bullish breakout for Nvidia?

A bullish breakout would be indicated by the stock breaking above approximately $177–$178 and potentially reaching $181–$183.

What could signal a bearish outcome for Nvidia?

A move below $170 could signal a bearish outcome, with potential downside toward $150 if confirmed.

How did the filling of a price gap affect the stock's bullish potential?

Filling the gap reduced the bullish potential slightly; holding the gap open would have been a stronger bullish signal.

What is the significance of the weekly 9 EMA for Nvidia?

The weekly 9 EMA is currently acting as support, which provides a slightly bullish bias, though the trend confirmation is pending.

What notable options activity was highlighted in the video?

There was mostly bullish options flow, including a 2 million $172.5 call for September 19, but some very large speculative contracts were observed that are high-risk and unlikely to influence the market significantly.

What broader market indicators could affect Nvidia's short-term movement?

The Q’s (NASDAQ) are showing slight bearish divergences but are not indicating a strong bearish reversal yet. Key levels to watch are around 575 and 560.

What is the overall recommendation for monitoring Nvidia according to the video?

The recommendation is to watch the pennant formation for breakout direction, monitor key levels ($170 support and $177–$178 for bullish breakout), and consider broader market trends while exercising patience for confirmation.

What recent news contributed to Nvidia's upward movement?

Intel news in the morning contributed to Nvidia's move to the upside.

How does the presenter describe the current battleground between bulls and bears?

The stock is in a large battleground where both bulls and bears have potential influence; the outcome depends on the pennant breakout and confirmation of technical levels.