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.

Outlines

00:00

📈 Nvidia's Daily Report and Trading Strategy

Kri Artech from Wicked Stocks provides a daily report on Nvidia for August 16th, 2024. The video encourages viewers to engage with the content and subscribe to Wicked Stocks for a variety of analytical videos. The report focuses on Nvidia's stock performance, highlighting a recent buy signal and suggesting a bullish outlook into September with a target of 15256. Kri discusses the significance of the 11919 price level as a support for buying opportunities and outlines potential resistance levels. The video also touches on the possibility of a market top at 12568 and the implications of closing above or below this level for short-term traders. Kri concludes with a bullish stance for the next 3 to 5 weeks, contingent on the stock price holding above 11919.

05:01

📉 Nvidia's Bearish Scenario and Market Outlook

The second paragraph delves into a potential bearish scenario for Nvidia's stock, should the price close below the 11066 level. Kri outlines a more cautious approach, suggesting that a close below this level could indicate a multi-week selling trend, possibly leading to a drop to 8604. The summary also revisits the bullish case, emphasizing the importance of holding above 11919 for a continued positive outlook into September with the 15256 target. Kri advises against aggressive selling unless the stock closes below the newly formed rising channel bottom at 11066. The video ends with a reminder to subscribe to Wicked Stocks for more analysis and a promise of a follow-up report on Sunday for the upcoming week's market movements.

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 context of this video, it is the subject of the daily report, indicating that the content revolves around the stock performance and analysis of Nvidia.

💡Buy Signal

A 'Buy Signal' in the context of stock trading refers to a technical indicator or event that suggests it might be a good time to purchase a stock. In the script, the presenter mentions a Buy Signal that occurred above a certain price level, indicating a potential upward movement in Nvidia's stock price.

💡Descending 2/3 Speed Line

The 'Descending 2/3 Speed Line' is a technical analysis tool used to identify the rate of decline in a stock's price. It is part of the Fibonacci speed resistance lines, which help traders anticipate potential support and resistance levels. In the video, the presenter discusses the significance of Nvidia's stock closing above this line as a bullish indicator.

💡Rising Channel

A 'Rising Channel' is a trendline pattern on a stock chart that shows an upward trend with higher highs and higher lows, indicating a bullish market sentiment. The script mentions the anticipation of the stock reaching the top of a rising channel by the end of September, suggesting a positive outlook for Nvidia's stock price.

💡Swing Trading

Swing trading is a trading strategy where positions are held for several days to weeks, aiming to capture gains from short-term price swings. The script refers to 3 to 5 week swing traders, indicating that the analysis is targeted at investors looking for medium-term trading opportunities in Nvidia's stock.

💡Resistance Level

In technical analysis, a 'Resistance Level' is a price at which an asset has historically struggled to rise above, often due to selling pressure. The script discusses weekly resistance levels, suggesting that the presenter is considering potential price points where selling might occur if the stock rises.

💡Support Level

A 'Support Level' is the price at which an asset is expected to find buying interest and stabilize after a decline. The script mentions the descending 1/3 speed line as a support level, implying that if the stock price falls below this level, it might find support and potentially rebound.

💡Wedge Pattern

A 'Wedge Pattern' is a technical chart pattern that resembles a triangle with converging trendlines, indicating a potential continuation of the current trend or a reversal. The script talks about trading inside a 'widening wedge,' suggesting a constriction in price movement that could lead to a significant price move in either direction.

💡Settlement

In the context of trading, 'Settlement' refers to the process of finalizing a transaction, often involving the transfer of securities and payment. The script mentions a settlement a week ago, which seems to be a significant event that influenced the stock's trading pattern.

💡Technical Indicator

A 'Technical Indicator' is a statistical tool used by traders to make decisions in the financial markets. They are based on stock price, volume, or open interest. The script uses various technical indicators, such as the speed lines and channel tops, to analyze Nvidia's stock performance and predict future movements.

💡Fibonacci

Fibonacci is a mathematical sequence often used in technical analysis to identify potential support and resistance levels, as well as retracement levels. The script refers to the '2/3 speed line,' which is likely part of a Fibonacci-based analysis, to predict potential turning points in the stock's price.

Highlights

Daily Nvidia report for Friday, August 16th, 2024, presented by Kri Artech from Wicked Stocks.

Wicked Stocks offers a range of daily and weekly analytical videos on popular stocks such as Tesla, Nvidia, and indices like the S&P 500 and NASDAQ 100.

Wicked Stocks offers two individual stock picks per week, focusing on 20% or higher moves, ideal for 3-5 week swing traders.

A Buy Signal was triggered after Nvidia closed above the descending 2/3 speed line at 11919 on Thursday.

Target price of 15256 by the end of September is anticipated if Nvidia stays above 11919.

No convincing reason to play the short side aggressively unless Nvidia closes below 11919.

The next significant resistance level is 12568, which could contain buying pressures for the day or early next week.

A close above 12568 signals a strong buying opportunity, with potential upside to 13558 and eventually 15256.

If Nvidia closes above 12568, swing traders have a chance to go long with a target of 15256 in the next 3-5 weeks.

A break below 11919 could lead to a retracement back to the low 110s, potentially setting up for a bearish scenario.

Bullish outlook remains intact as long as Nvidia holds above 11919, with an expectation of 15256 in 3-5 weeks.

A close below 11066 could signal multi-week selling with a potential target of 8604 in the next 2-3 weeks.

If Nvidia tests the 9740-95 region again, it may break down to 8604, marking a significant bearish shift.

Current outlook is bullish above 11919 but could turn bearish if Nvidia closes below 11066, targeting 8604.

Wicked Stocks offers a 5-day free trial for full access to their daily and weekly analysis.

Transcripts

hi this is kri artech with Wicked stocks

bringing you your daily Nvidia report

for Friday August 16th

2024 but before we check out the charts

I just want to ask you to please click

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Suite of both daily and weekly

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stock as well as two individual stock

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let's take a look at the charts I'm

going to jump to the Buy Signal that

occurred uh yesterday's Thursday's close

Above This descending 2/3 speed line

today at

11919 this is an area to buy if given

the opportunity because above which as

I've been saying we are now anticipating

the 15256 rising Channel top uh I'd say

by the end of September I think is

realistic 11919 has been a 1 to twoe

Target anyway following the settlement a

little over over a week ago above the

descending 1/3 speed line that is now

well below the market at

9766 so having closed above 11919 I see

no convincing reason that you should

aggressively play the short side on more

than a just kind of a single day at a

time strategy no weekly resistance

levels that I can see that are worth

selling on a weekly basis or a two to

three week basis uh holding above 11919

120 15256 uh remains at 3 to 5 objective

that could stretch out longer because

these two levels are sort of spreading

apart uh on the way up we still have

that former Channel bottom at 12568 we

have that as a session containment level

12568 uh it did contain buying pressures

when we closed below it a week later we

retrace back up to it and then we

collapsed might the same thing happen

that is obviously the question on

everyone's mind and I'm just going to go

with the Buy Signal above 11919

but certainly uh you know the market

could top out at 12568 for the day

possibly into early next week and fall

back to the

11919 speed line which is dropping daily

we could trade inside this widening

wedge uh into next week for the next 3

to 5 days perhaps although I do hold to

uh the Buy Signal that occurred above

11919 and I think this can just keep

going into the 150s by the end of

September and so upside if we close

today above

12568 if you're not long already 3 to 5

day swing traders that is your next

opportunity to go long to 13558 and I

will also say that if we close above

12568 if you're not long already 3 to

five week swing traders that is your

opportunity to go long to

15256 so I think 12568 still has meaning

um I just reduced it uh in light of the

fact that we closed below uh on strength

this 11919 descending 2/3 Speed Line uh

and so yeah I think that kind of covers

the upside closing above 12568 no good

reason to be short over the weekend

13558 then expected by the end of next

week that is the high settlement price

on the daily chart that was put out you

know back in June and it can contain

daily buying pressures possibly weekly

buying pressures uh and so I just don't

want to encourage aggressive selling on

the way up to uh you know uh this

objective at one

5256 uh I would rather a sell on

weakness at this point in time given the

fresh Buy Signal that occurred above

11919 and so un weakness could be uh

just breaking or opening today back

below

11919 uh I don't have much to hang your

hat on uh until we get into the low 110

so the way I'm framing this is we are

bullish into September above

11919 anticipating the

15256 uh region as a 3 to 5we objective

and yes there is a case to be made that

closing back below 11919 is a sign of

multi-week uh selling that could play

out as we move you know into September

trade but I not comfortable playing the

short side on on an overnight basis on a

multi-week basis let's say unless we

were to close below this 11066 newly

formed Rising Channel bottom you know

and if we did I would expect um

something along the lines of this back

into the mid 80s yes we still have 9740

and 95 even we've tested that twice in

the last few weeks and I do think if we

were to test it again it is likely to

give way to 8604 so if we close below

11066 it is reverse and go short 3 to

five week swing Traders this is probably

more of a 2 to three we trade down to

8604 we could bottom out on a monthly

basis but we're not there in fact we are

above 11919 so once again a holding

above

11919 we are bullish into September

expecting 15256 over the next 3 to 5

weeks and inversely if we were to close

below that 11066 level then we turn

bearish into September expecting 8604

and dropping daily within 2 to 3 weeks

inside of this is kind of a No Man's

Land of trend identification uh we could

bottom out at 110 1066 and then turn

higher again so um you know I'm just

going to leave it at that I think that's

pretty much covers it for Friday's

Nvidia report please click like share

subscribe check out Wicked stocks.com

take advantage of our 5-day free trial

I'll be back Sunday afternoon with

Monday's Nvidia report and you have a

great weekend