NVDA Stock - Can NVIDIA Still See $179?

Summary

In this Nvidia daily update, the focus is on Nvidia's stock performance, technical analysis, and market trends. The stock is currently up, with bullish indicators on the 1-hour chart, despite concerns over potential bearish divergences. The bulls remain in control as long as the stock stays above key support levels. The presenter highlights target levels, including $179, and mentions the ongoing strength of Nvidia's stock. While there are signs of overextension, the 'music is still playing,' and the stock could continue to rise unless major cracks appear in the technical indicators.

Takeaways

• 😀 Nvidia stock closed at $176 per share, up 1.5%, a significant jump from its previous price of $90 per share.
• 😀 The bulls are in control as long as Nvidia stock stays above $173–$174, with a potential target of $179.
• 😀 The 1-hour chart shows no immediate signs of bearishness, and support is holding at the $174 level.
• 😀 There is a slight bearish divergence between the SMI and the stock price, but it's not yet a major concern.
• 😀 The MACD remains bullish, indicating the overall positive momentum, even though the stock is elevated.
• 😀 Watch for a potential reversal if Nvidia starts losing the $173–$174 range on the 1-hour chart, which could signal a bearish shift.
• 😀 The weekly chart remains strong, but caution is advised due to elevated indicators like the SMI.
• 😀 No clear topping signals have emerged yet, and the current trend remains upward as long as key support levels hold.
• 😀 A large bullish options flow is seen, particularly a $500k order for the 180 strike, signaling confidence in Nvidia's short-term movement.
• 😀 Target price remains at $179, with the caveat that the stock is elevated and could eventually show signs of topping, but not yet.
• 😀 The overall sentiment is still positive, with the music metaphorically still playing, but the need for caution remains if the stock breaks certain levels.

Q & A

What is the main focus of this Nvidia daily update video?

The main focus of the video is to analyze Nvidia's stock performance, discuss the current market trends, and provide technical analysis and insights for investors.

What is the current stock price of Nvidia mentioned in the video?

The stock price of Nvidia is approximately $176 per share, which is up about 1.5%.

What key levels are mentioned as important for Nvidia's stock?

The key level to watch is around $173 to $174. As long as the stock stays above this level, the bulls are considered to be in control.

What is the significance of the Fibonacci extensions mentioned in the video?

The Fibonacci extensions are used as a target for potential price movements. The target mentioned in the video is around $179, which is close to the current price of $176.

What technical indicators are being analyzed in the video?

The video analyzes several technical indicators, including the 1-hour chart, the SMI (Stochastic Momentum Index), the MACD (Moving Average Convergence Divergence), and the 9-exponential moving average.

What potential sign of caution is the speaker watching for in Nvidia's stock?

The speaker is watching for a potential loss of the $173 support level on the 1-hour chart, which could signal a bearish pivot. Additionally, consecutive candle closures below the 9-exponential moving average would also raise concern.

What does the speaker mean by 'the music is still playing'?

The phrase 'the music is still playing' is a metaphor indicating that the market trend is still positive and that Nvidia's stock is continuing to rise despite being overextended. The speaker emphasizes continuing to ride the trend until signs of a reversal appear.

What does the speaker say about the weekly chart and potential warning signs?

On the weekly chart, the SMI is elevated, which could signal a potential topping pattern, but the speaker notes that there is no conclusive signal yet because the MACD histogram has not shown lower highs. The speaker remains cautious but optimistic for now.

What did the speaker mention about Nvidia's options flow?

The speaker observed that the options flow was generally bullish, with a notable 180 strike order for $500k, which is worth mentioning. However, the speaker did not see any particularly standout orders apart from that one.

What does the speaker mean by 'the bulls are still in control'?

The speaker means that as long as Nvidia's stock stays above the critical support level (around $173), the price is expected to continue rising, indicating that the market sentiment remains bullish.