Show Strong Bullish Trends
The Bullish "Cup" formation was not completed last week, the price declined following the market until the 50DMA was reached by a doji and then a bounce came on Friday. Follow through is a must for next week, the price must stay above $227.1 and rapidly recover $229.5. More price levels and targets in the latest Weekly Compass.
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The combination of an RSI divergence and high volume on a daily candle that lacked conviction creates a good scenario for a pullback. This "handle" formation would likely bring the price back toward the main volume shelf before the next potential move higher.
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NVDA had a nice bounce but failed to reclaim the key confluence zone formed by the 10 and 20-day moving averages.
From a bullish perspective, it wouldn't be a bad scenario if the stock becomes oversold by the end of trading on Wednesday, just ahead of its earnings report.
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