Happy Monday once again to all traders and market speculators.

Today’s start of my Finlogix analyses, I will be sharing a technical perspective and a trade plan as well for the NASDAQ listed stock, NVIDIA (NVDA).

This will be my first stock analysis this year.

A quiet Monday but there will be 12 US major economic data to watch for the week with the heavy ones like CPI month-over-month and year-over-year.

Markets will be subject for moderate to heavy volatility.

Assessing NVIDIA’s high timeframe candles:

Yearly Candle: A Green Body with Longer Head Wick

Monthly Candle: Developing a Green Long Upper Shadow

Weekly Candle: Developing a Green Long Upper Shadow

Daily Candle: A Big Red Candle with Longer Head Wick

One of the best performing stock this year. Meteoric rise to a new all time high.

For the year still bullish but on the monthly and weekly candles, a strong set back is observed.

Intraday candle is a big red with a strong rejection.

Missing the timing to short earlier, I need to wait for faster time frame push ups.

It seems there’s already a strong bearish structure coupled with enough selling volume power.

With the buyers are not able to reclaim the 900 mark at least, it’s safe to say that there will be further selling to occur in the coming New York trading session.

I am interest to short the stock aiming to take profit at the opening gap last February 21. I suspect there are buyers waiting on this un-offered price range.

These are the following short entries to risk with:

The stock price is definitely starting a corrective down wave already.

However, if buyers are able to invalidate a bearish scenario, there will may be an uptrend continuation.

In case the opposite thing happens, I set a stop loss a little bit further above the recent all time high.

This trade needs time so I give it some room for development.

NVIDIA Intraday Analysis and Trading Plan For March 11, 2024r

Mar 11 2024

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