NVidia closely resembles the Bitcoin chart! The manufacturer closely supplies digital infrastructure companies (crypto miners), many of whom are currently contending with low digital asset prices, regulatory clampdowns, and expensive hardware prices. Consolidations are imminent. And the secondary market for GPUs will likely slam retail prices and orders with the manufacturer. I already have the intel on the manu side ;)
So, ideal place to short was $254.71, which will have stops placed just above it. The BO level is $219.72 for a momentum short. Targets are marked according for profit taking. All this market need is a catalyst and we're off! If we trade above invalidation level I will update.
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Ok. We are at the first support line. Let's see if this breaks down, which may bring us to the BO level and a break of the second support line. RSI has a bearish divergence ;)
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Attention! We are at the BO level.
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Candle close below BO level will validate our plan :)
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We're trading back in the bullish channel. Its kissed the pivot, let's see if we breakdown again (fingers crossed).
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We are back at the resistance level and, by the looks of it, are re-entering the bull channel. Time is running out for the bulls, but just in case we have our stop-loss pending just above the recent swing.
Trade stängt: Stopp nått
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Forgot to keep this up to date!
Almost at MIN TP
Trade stängt: målet nått
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MIN TP HIT!
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almost at MID TP!
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Hit MID TP!!!!!!!
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Next wave of selling coming up?
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Watch-out for a reversal
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Trade stängt: målet nått
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On the daily we now have a bit of a bottom forming...
That's what happens when you lack fundamental knowledge of the company and start playing guessing games with charts. Cryptocurrency has little meaning to Nvidia over the long term, as majority of its revenue and growth are from data center and gaming.
Trader6127
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@Dex4Sure, How do you trade? FYI, this was a profitable trade ;)
@agency, do you think the asic eth miner coming out will also flood the market with GPU soon here...eth is having it's own issues etc.
looking like a good analyis there. what do you think the time frame is for the TP Mid level for you?
Trader6127
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@aikitran, for Nvidia, time runs out July. And then it will have one more shot before year end.
For ETH ASICs I'm thinking this will impact AMD as well - it will be double wammy. But a closer look reveals the Bitmain product is not much stronger for hashing, and consumes more electricity. A bit more inferior maybe. But thats just an opinion. Watch the charts and trade the patterns.
aikitran
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@agency, yes, i agree. thanks so much . are you shorting amd? BTC?
So far your model is playing out. Talking heads in media keep attributing the tech-wide downturn to fallout from facebook, but that doesn't seem too persuasive to me.