NVIDIA Stock Price Analysis | Top $NVDA Levels To Watch for Friday, July 12th, 2024

Summary

Kri 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

00:00

📈 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.

05:01

📉 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.

Keywords

💡Nvidia

Nvidia is a leading technology company known for its graphics processing units (GPUs) and is a key player in the semiconductor industry. In the video's context, it is the subject of the daily report, indicating that the video discusses the stock performance and analysis of Nvidia, likely in terms of its market trends and potential investment opportunities.

💡Channel

In the context of the video, a 'channel' refers to a price range or a pattern on a stock chart that can indicate the direction of a stock's price movement. The script mentions 'Rising Channel' and 'Channel top,' which are technical analysis terms used to describe the stock's behavior within a certain price boundary that can act as resistance or support levels.

💡Settlement

Settlement in the script refers to the closing price of a stock on a given day. The video discusses the significance of the stock's settlement price in relation to certain channel tops and how it can trigger buy or sell signals, affecting the investor's trading decisions.

💡Buy Signal

A 'buy signal' is an event or pattern that suggests to investors that it might be a good time to purchase a stock. The script mentions a 'Buy Signal' that was triggered by the stock's settlement above a certain channel top, indicating a potential upward movement in the stock's price.

💡Support and Resistance Levels

Support and resistance levels are price points on a stock chart that are identified as having a high probability of halting or reversing a stock's price movement. The video discusses how certain price points, such as 12986 and 11041, serve as these levels and their implications for the stock's future performance.

💡Swing Trader

A swing trader is an investor who trades stocks with the goal of capturing gains in a stock's price over a few days to a few weeks. The video is aimed at this type of investor, providing analysis and predictions that could help them make informed trading decisions over a 2 to 3 week period.

💡NASDAQ 100

The NASDAQ 100 is an index of the 100 largest non-financial companies listed on the NASDAQ stock exchange. The video mentions it in the context of broader market trends and its potential impact on individual stocks like Nvidia, indicating that the index's performance can influence the trading decisions of investors.

💡Volatility

Volatility refers to the degree of variation of a trading price series over time. The script discusses the stock's volatility, suggesting that there is a significant potential for price fluctuations, which is important for traders to consider when making decisions.

💡Trend Line

A trend line is a straight line drawn on a chart to represent the direction of a stock's price movement. The video mentions a 'trend line off the lows,' which is a technical analysis tool used to identify potential reversal points in the stock's price trend.

💡Swing Trading

Swing trading is a specific trading strategy that focuses on capturing gains in a stock's price over a short period, typically a few days to weeks. The video provides analysis and targets for swing traders, such as the potential for a 20% move or more on certain stocks.

💡Stock Picks

Stock picks are recommendations made by analysts or advisors suggesting which stocks might be good investments. The video mentions specific stock picks like Rivian and Newmont Mining, indicating that the video also provides insights into other potential investment opportunities.

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

like share subscribe and check out

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

daily analysis in the Spy daily analysis

in the triple Q weekly analysis in the

S&P 500 Index the NASDAQ 100 index and

Apple stock as well as two individual

stock picks a week that you never see on

YouTube that cater to the 3 to five week

swing Trader out to the 3 to five month

near-term investor always looking for

20% moves or more on those underlying

stocks and you get to see all of this

for free we offer a 5-day free trial

upfront so check out Wicket stocks.com

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