NVIDIA Stock Chart Update - Identifying KEY Turning Points
- Anthony Speciale
- Jul 13, 2024
- 3 min read
Hey Trader,
NVIDIA Stock Chart Update - Identifying KEY Turning Points
Anthony Speciale here with Hawkeye Traders. I hope you're having a wonderful day.
Today, we’re taking a closer look at Nvidia.
While we covered this recently, it’s worth revisiting to reanalyze what's happening, especially with the current resistance we’re encountering on the High Wide Bar.
Revisiting Nvidia’s Recent Price Action
Nvidia has been on a parabolic move higher, showing significant strength.
Despite this, we've recently hit some resistance upon retesting a previous high.
This resistance is meaningful, especially since it’s marked by a wide bar, indicating substantial selling pressure at this level.
Understanding the Significance of High Wide Bars
Looking back, Nvidia's price action has consistently shown significant highs and lows marked by wide bars.
This pattern indicates strong selling at highs and buying at lows.
The current high, marked by a wide bar, shows that while the broader market indices have been making fresh highs, Nvidia has struggled to surpass this level.
This is concerning, especially since Nvidia has been a leading stock in the market.
Key Levels to Watch
If Nvidia fails to take out this prior high, it could indicate a potential retracement.
A key level to watch is around 118. If we break below this level, particularly settling below it by at least 1% on a weekly basis, we might start filling some previous gaps.
These gaps, although partially filled, still present a potential retracement target if the price continues to fall.
Volume and Price Action Relationship
The interaction between volume and price action is crucial.
The Hawkeye Wide Bar is a powerful tool that highlights significant market moves.
For instance, strong selling volume at highs and buying volume at lows can indicate potential reversal points.
This visual representation helps traders identify abnormal market activities that may not be immediately apparent on a regular chart.
Simplifying Your Trading Approach
Most traders focus on numerous indicators, often losing sight of the core elements: volume and price action.
Hawkeye’s approach simplifies this by focusing solely on these two components.
Understanding the interaction between volume and price action allows traders to create a clear and consistent thought process, improving their trading decisions.
The Power of Hawkeye’s Tools
Hawkeye’s software, compatible with popular charting platforms like TradeStation, TradingView, NinjaTrader, & MetaTrader, providing valuable insights into market behavior.
By highlighting significant volume and price action interactions, it helps traders make informed decisions regardless of the asset or timeframe they’re trading.
To dive deeper into this concept, I invite you to join our training webinar.
We will explore the relationship between volume and price action in more detail, helping you develop a consistent and profitable trading strategy.
This webinar will also introduce you to the Hawkeye Volume Mastery Series, providing continuous education on these critical market dynamics.
Final Thoughts . . .
Nvidia’s current resistance at the high wide bar is a critical area to watch.
Understanding the interaction between volume and price action at these levels can provide valuable insights into potential market moves.
Simplifying your approach to focus on these core elements can enhance your trading strategy significantly.
Join our training webinar to learn more about this powerful approach. Thank you for your time, and I look forward to seeing you there. God bless!
Happy Trading,
Anthony Speciale
Speciale Analysis
About the Author:
Anthony Speciale is a seasoned market analyst with over 13 years of experience trading. Through his platform, Speciale Analysis, he offers in-depth market analysis, interpretation, and expectations designed to help all types of traders, at every skill levels reach their full potential.
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