Sunday, March 10, 2024

Chartology: Nvidia (NVDA)

The reversal on Friday was stunning, almost violent.

From the Thursday close at $926.69 the stock gapped open to $948.00 and from there continued higher until 10:30 am EST when it set its all-time-high at $974.00, up $47.31 at top-tick.

From there it was down  to the regular-session low of $865.06 at 1:37pm EST, down $108.94 from the high. The stock traded a bit higher into the close, picking up $10.22 by Friday's 4pm close at $875.28 down $51.41for the day.

The times listed aren't all that important, just an aid if you want to do a 1-second time-and-tape, you know which minute to look at.

But then things got really interesting after-hours, ending the AH session down another $24.28 to $851.00. And if we can start the Monday regular session anywhere between that $851 and $860 i.e. opening down $15 to $25 from Friday's close, we will have filled a gap-open from March 6 and three of the four gaps from the week of March 4 -8. The earliest gap was at $820 Monday the 4th but it seemed less frothy than the three subsequent, so "Please, please, please" give us another shot on the long side.

As a side note, the old-time traders used to say the difference between prayer in church and prayer in the market is that in the market you really mean it. Here's last week's action from TradingView:

Chart Image