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Eyes Break Above $175 (Chart)

Eyes Break Above 5 (Chart)

Potential signal:

  • I’m a buyer of this market.
  • I would buy NVDA on a daily close above $175, just as I would buy it anywhere near the $165 level if we do in fact get a bit of a pullback.
  • I will not short this market, and I will give it $3 for a stop loss.
  • At this point, the closest target that I can think of is probably $185, but quite frankly I think we go higher than that.

Nvidia Forex Signal 25/07: Eyes Break Above $175 (Chart)

The market for Nvidia continues to get very strong, as we are now threatening the $175 level. This is an area that will attract a certain amount of attention, but as we are just simply screaming higher over the longer term, there’s not a whole lot to put into this other than the fact that it causes the market to have good headlines. At this point in time, there’s no real reason to think that this market is falling, but even if it were to do so, it’s very likely that it will only offer a buying opportunity.

Technical Analysis

The technical analysis for Nvidia is obviously very bullish, and it’s likely that it will remain so. Quite frankly, the 50 Day EMA is sitting at the $151 level and rising, so we are light years away from that. We are extended from the 50 Day EMA, but quite frankly, this is a market that is extraordinarily bullish for quite some time now, and for plenty of significant reasons. The $165 level is an area that a lot of people will be watching, and I would love to get involved in NVDA anywhere near there that I can.

To the upside, if we were to break above the $175 level, then it’s likely that Nvidia just continues to rally, and based upon the measured move of the consolidation, it’s very likely that we will go looking to the $185 level. Regardless, the one thing that you will see in this article was recommending that you should short this market anytime soon, and quite frankly Nvidia is such a generational mover at this point that it is basically impossible to get short of it anytime soon. With this, I’m a buyer only, and would love to pick up any value any time it’s offered in this market, because quite frankly this is the closest thing to a “one-way trade” that I can think of.

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Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

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