NVDA: August Upleg Nearing Exhaustion

Mike Paulenoff By

NVDA popped to a new recovery rally high at 131.00 in pre-market trading off of its 8/05/24 low at 90.69 (+44%) but has since relinquished the gains. Let's notice on my attached 4-Hour Chart that this AM's new recovery high was NOT confirmed by my 4-hour Momentum gauge, and as such, serves as a preliminary warning the that August upleg could be nearing, or is at, near-term exhaustion. 

That said, any NVDA weakness (ahead of Powell's speech tomorrow) will need to break key nearest support from 125.80 to 124.89 to inflict some technical damage to the August advance...

For now, the NVDA bulls might be "winded" and might need a rest, but as weakness remains within or above 124.80-125.80, the dominant August uptrend will remain intact...Last is 128.71

  Matched “”
x
Take Advantage Of Our Free
7-Day Trial, $71st Month Offer!
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!