First of all, all my chart evaluations are given with probabilities and not certainties. I read charts and that means that I read what the big in-the-know moneyed people are doing. Nonetheless, nothing is ever certain, so my chart evaluations are meant to give traders an "edge" over others given that the probabilities happen more often than not. Do they happen all the time? Hell no, but often enough for people to have an edge.
As far as NVDA is concerned, it is a "hot" stock and that means that it is more sensitive to the market and to the upside than other stocks, meaning that it is a hell of a lot easier to move it up than not. Having said that, tops to rallies are built over a period of weeks unless there is news that comes out. There has been no news on NVDA so the bears need to "BUILD" a top before the people start to even consider taking profits or even shorting the stock.
The stock already has one successful retest of the high. By a successful retest, I mean going above a previous week's high but not making a new all-time high. NVDA made a new all-time high 10 weeks ago at $974. That high was tested 3 weeks later with a high at $969, Today, it has gone above last week's high and that means that if the stock does not make a new all time high and then goes below this week's low next week, a 2nd retest of the high will have occurred. Usually and when there has been no negative news, it takes 3 retests of the high before people get convinced that a high of consequence has been made.
There is a gap below down at $688 that is a magnet. Gap are normally closed unless a second gap occurs. When that happens, a breakaway/runaway formation is built and that is always strongly bullish. Nonetheless, when that does not occur, the open gap is a magnet for closure. Sooner or later that gap will be closed.
NVDA gapped up on Friday, meaning that now there is a breakaway/runaway gap formation. This does mean that now and this week (or at the latest next week), the bulls HAVE TO make a new all-time high or this gap will be closed and that will generate pressure to close the other gap.
What I have explained above is common chart knowledge to all chartists that know what charting means. I have been reading charts for over 47 years and have read hundreds of thousands of charts and what I am telling you here is simply knowledge. There is no opinion involved here. This is what Computers and Algorithms do.
If NVDA bulls cannot make a new high on this rally, the computers and algorithms will be sellers "automatically" as this is what they do.
This is what I bring to the table. Knowledge of charts. The charts reflect what the big money has done and given that they are the ones that have the knowledge and the money to affect the stock, knowing what they are doing gives the small investors and traders an edge.
If you want to be one of the millions of investors that don't know any of this and want to believe that they know more than the big money does, then you will end up like the large percentage of investors/traders do and that is give their money to the big money people. After all, the big money people make their money by taking advantage of people like you.
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