NVDA Follows My Optimal Technical Price Path. What's Next?
by Mike Paulenoff
October 13, 2024 • 12:18 PM EDT
Over one month ago, on Monday morning, 9/09/24, I posted the following NVDA update for our members:
My near-term pattern work makes a compelling argument that the corrective downleg from the 8/16 high at 131 is nearing downside exhaustion and completion in and around 100 (Friday's low was 100.95). That said, unless and until NVDA climbs above 106.30 to 108.90 to trigger an upside reversal signal in my work, I cannot rule out another loop down to retest 100-101, and, if violated, into new corrective low territory at 95-97, the next lower Target Window from where my work expects a potent upside reversal signal... Last is 106.40...
During the subsequent three sessions after issuing a technical heads-up to our members, NVDA climbed above 108.90, triggering an upside reversal signal in my work, and thereafter, followed through to a close at 117.07 on 9/11/24.
The early September upside reversal signal proved very rewarding for MPTrader NVDA participants.
Fast-forward to last week's (Friday's) action and 29 subsequent updates from my 9/09/24 heads-up designed to help members navigate the price swings in NVDA, the stock hit a high at 135.78, representing a 28% advance from 9/09/24.
With NVDA sitting 5.4% from its all-time high of 141.60 (6/20/24) and earnings six weeks away (11/27/24), what is the most likely price path for the stock? Can NVDA climb and sustain new all-time highs above 141.60 before its next earnings report, or does it need another bullish catalyst to propel it sustainably higher?
Join MPTrader members and me ASAP for our frequent analysis and discussions of NVDA in the upcoming days, as well as their technical and fundamental discussions about many individual stocks, sector ETFs, macro indices, precious metals, crude oil, and Bitcoin...
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