NVDA Has Arrived at Mike's Technical Inflection Point
by Mike Paulenoff
October 22, 2023 • 12:44 PM EDT
On September 28, 2023, with NVDA trading at 429.31, I told MPTrader members that my work is warning me about a complex technical setup that argues for a prolonged corrective scenario prior to a resumption of dominant uptrend strength. I posted the following:
My near-term pattern and momentum work argue that since its 9/21/23 corrective low at 409.80 off of its spike to All-Time New Highs at 520 in reaction to earnings on 8/24/23, NVDA is in the grasp of a recovery rally effort that when exhausted, will roll over into another downleg within a larger, still incomplete correction off of the 520 high. For the time being, I am expecting NVDA to claw its way to 436-444 resistance, which is the first zone from where a downside reversal could emerge. If 444 is hurdled and sustained, however, then the counter-trend rally effort will point still higher, into the 460 to 480 target zone prior to my pattern expectation for a powerful downside reversal... Last is 429.31...
Fast-forward across multiple subsequent NVDA updates and discussions in the MPTrader chat room, we see on my attached 4-hour Candle Chart, that NVDA proceeded to follow my preferred recovery rally price path from his 9/28 update price of 429.31 to a 10/12 rally peak at 476.09-- near the top of my peak pivot zone of 460 to 480, from where NVDA turned down into a relentless decline that as we speak, is testing key June-September low-zone support from 396 to 410.
NVDA now finds itself at a consequential technical inflection plateau the resolution of which will determine the direction of the next 25% price move. What forthcoming clues will NVDA provide for me and our members that its directional bias is tilting in one direction or the other in the hours and days directly ahead?
Join me and MPTrader members ASAP-- especially during an earnings season overlaid by heightened and fluid geopolitical risks-- for our pertinent intraday discussions and chart analyses of NVDA, as well as for many other individual stocks, sector ETFs, macro indices, interest rates, commodities, and Bitcoin...
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
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