NVDA appears to be heading downwards: a sharp drop followed by sideways consolidation reads as a daily bearish pattern, and further declines could take the price toward the 200 support. The prior bullish channel case reached only 243, short of the 245 target, and failed.

the first trade we'll cover is the Nvidia buy option that I've set at an execution price of 245, with an expiry date of November 20. Well, the first one was Nvidia and that option, and we were looking at an execution price of 245.

Now, we are at the 212 level. And for me , this is going in the opposite direction to what we wanted.

Based on the current price movement, I see a sharp downward move and now we are witnessing a sideways consolidation. This looks to me like a daily bearish science pattern. This is a bearish reading.

If the price continues to fall, it could bring the price closer to the 200 level, i.e., to the support point here.

Now, what we were looking at was this parallel ascending channel , which is also characterized by a downward trend, but the price was somewhat bouncing off the middle line of this trend.

Based on this channel alone, it has room for further growth. Therefore, based on these technical analyses, we thought that the price could continue to rise and surpass the 240 level.

We reached 243, we got very close, but we did not reach the target profit.

Since we have reached 243, I will zoom in on the image here. It also lies directly on the discontinuous part of this parallel channel. Therefore, the upper and lower limits can be used as support and resistance, in addition to the dashed middle channel line .

This is also a trend line, as you can see, and it has caused the price to bounce back. Then we also had a long-term white trend line here. A long line. It was hovering around the 245 level, which ultimately prevented the price from rising further.

So, in this deal, if we reach a 50% reduction in the premium, that's where I'm looking to close the deal. As if that was the first level, if we reach a 50% decrease in the premium, that would be my first signal to exit.

Or even looking at this parallel channel here: if we break the support here and the decline is confirmed, we might be able to save some capital; Where we will only be losing 20 to 30%.

But we decided to terminate the deal there, and based on my reading here, Nvidia's stock appears to be heading downwards.