RSI has already fallen to 22.9, and $NVDAB is quoted at 173.36—just one step away from its 14-day low of 166.11. Honestly, I’m not really comfortable making a move at this level.
It’s slid all the way down from its high two weeks ago, with a sharp, steady drop. In the short term, it does look a bit oversold. But oversold doesn’t mean it’s done falling. If it breaks below 166.11, that’ll be a new low, and anyone holding it will probably feel even worse.
I’m inclined to sit tight for now, because an asset can stay oversold for a long time, and buying the dip halfway down is the worst feeling. But if it holds above 166.11 and the RSI starts turning up, I’ll change my mind right away—that would mean the bears have run out of steam.
With the RSI at 22.9, do you believe in a rebound, or do you trust the trend?
$NVDAB
#NVDAB #MarketAnalysis
It’s slid all the way down from its high two weeks ago, with a sharp, steady drop. In the short term, it does look a bit oversold. But oversold doesn’t mean it’s done falling. If it breaks below 166.11, that’ll be a new low, and anyone holding it will probably feel even worse.
I’m inclined to sit tight for now, because an asset can stay oversold for a long time, and buying the dip halfway down is the worst feeling. But if it holds above 166.11 and the RSI starts turning up, I’ll change my mind right away—that would mean the bears have run out of steam.
With the RSI at 22.9, do you believe in a rebound, or do you trust the trend?
$NVDAB
#NVDAB #MarketAnalysis