Magnificent Tech Stocks

Nvidia (NVDA) - Edition #1

Luis Ricardo Guizado

Jul 3, 2024 — 2 min read

Macro Outlook ⚠️ Caution ⚠️

Price has been in a clear uptrend breaking all gravitational laws.
This stock more than likely will continue this uptrend in a macro scope.
… Now what?
We advise you to take caution before jumping in right now.
June’s monthly candle closed with a huge wick up indicating selling pressure.

Price might still move higher but this wick shows exhaustion from buyers and might be indicating a top and possible retrace in the next few months.
Areas of interest for long term positioning will be $109 ish area and if this level does not hold $93 ish is a must buy long.

https://www.tradingview.com/x/lbTrrCmB/

Short Term Outlook 📈 🚀 Bullish / Caution ⚠️

Price is having a positive reaction so far.
Long entry in the $125 - $122 ideal
We’ll be targeting previous highs
Invalidation upon break below $120

https://www.tradingview.com/x/AR0S81j2/

In case price breaks below $120 we should expect lower prices
A retrace to $110 will be ideal

https://www.tradingview.com/x/PawcdWIo/

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