With RSI down to 21.6, I actually feel a little less scared. $NVDAB is quoted at 172.17, not far above the 14-day low of 166.11.
This is the hardest spot for anyone holding: the drop has been both sharp and relentless. It’s definitely oversold in the short term, but being oversold doesn’t mean it’s done falling. There’s not much support below; one misstep and it makes a new low. Buying more feels wrong, but so does selling.
I’m inclined to wait and see for now rather than rush to buy the dip, because oversold can get even more oversold. But if it gets back above the 24-hour high of 183.36, I’ll change my mind immediately and admit the bears have run out of steam.
At this level of oversold, do you believe in a rebound or in the trend?
$NVDAB
#NVDAB #MarketAnalysis
This is the hardest spot for anyone holding: the drop has been both sharp and relentless. It’s definitely oversold in the short term, but being oversold doesn’t mean it’s done falling. There’s not much support below; one misstep and it makes a new low. Buying more feels wrong, but so does selling.
I’m inclined to wait and see for now rather than rush to buy the dip, because oversold can get even more oversold. But if it gets back above the 24-hour high of 183.36, I’ll change my mind immediately and admit the bears have run out of steam.
At this level of oversold, do you believe in a rebound or in the trend?
$NVDAB
#NVDAB #MarketAnalysis