Mixing things up, in this video I take a look at Nvidia.
The stock is well off its 2023 high at $502.16, and currently trades at $417 and change. However, the last 5 trading days has seen the price skim the 100 day MA (blue line in the chart below). Buyers are leaning as risk can be defined and limited. If the level is broken, buyers can simply get out and look for another level to buy.
Conversely, if the price holds support, traders will target the broken trend line (at around $431). Get above that level and buyers increase confidence and the buyers take back more control.
This article was written by Greg Michalowski at www.forexlive.com. Source