$NVDA: A weak relief bounce—don’t get caught chasing halfway up
For the short term, keep a bearish bias and only act if the bounce runs into resistance. Price is below the moving averages, and the latest quote hasn’t moved far from the close. There’s still no sign of a strong push back up. Chasing the drop here feels a little hasty too: sell too low, and even a modest bounce could hurt.
But if the bounce can reclaim the moving-average resistance zone above and hold it on a pullback, the bearish view has to go. For now, just watch this resistance zone: will price get rejected, or break above and hold?
My plan has just two steps:
① First, wait for a 15-minute close below 214.3. Only if the bounce fails will there be an entry for a short.
② If it holds above, watch 213.854. Set a stop loss at 214.523—don’t hesitate to exit.
#FuturesTrading
For the short term, keep a bearish bias and only act if the bounce runs into resistance. Price is below the moving averages, and the latest quote hasn’t moved far from the close. There’s still no sign of a strong push back up. Chasing the drop here feels a little hasty too: sell too low, and even a modest bounce could hurt.
But if the bounce can reclaim the moving-average resistance zone above and hold it on a pullback, the bearish view has to go. For now, just watch this resistance zone: will price get rejected, or break above and hold?
My plan has just two steps:
① First, wait for a 15-minute close below 214.3. Only if the bounce fails will there be an entry for a short.
② If it holds above, watch 213.854. Set a stop loss at 214.523—don’t hesitate to exit.
#FuturesTrading