Short NVDA if price hits 255-256 resistance; historical pattern suggests corrective move.
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Now, the chart we should focus on is "Nvidia". Nvidia set a new record yesterday. It is on the rise again today. I have been closely observing this wedge pattern. You have clear support levels that are working great, and clear resistance levels that are working great too.
The answer is that if Nvidia rises to that level, I will sell it short. Why? Well, because every time this trend line has touched in the past, we have seen a significant corrective move.
So, who am I to think anything different until proven otherwise? I'm not saying every level on the chart will work, but at least the odds are in my favor, and I'll look to short Nvidia if it hits the 255-256 level here.
What this channel has said about $NVDA
Verified Investing has 16 calls on this stock; only the adjacent ones are shown.