Monday, January 8, 2024

Chartology: NVIDIA (NVDA)

Breakout:

NVDA NVIDIA Corporation daily Stock Chart

FinViz

There is no magic in lines on charts, just a graphic representation of what people were doing (and maybe, thinking.)

The opposite of support being weakened and collapsing is resistance being removed as the last of the sellers are taken out and the stock pops. It is especially dramatic when the stock is setting new all-time highs as there are no investors thinking "as soon as I get back to even I'm out" i.e. minimal overhead supply.