NVIDIA Stock Price Analysis | Top $NVDA Levels To Watch for Friday, August 30th, 2024

hi this is kri artech with Wicked stocks bringing you your daily Nvidia report for Friday August 30th 2024 but before we check out the charts I just want to ask you to please click like share subscribe and check out Wicket stocks.com where we offer a full Suite of both daily and weekly analy iCal videos just like the daily Tesla and daily NV video reports daily analysis in the Spy daily analysis in the triple Q weekly analysis in the S&P 500 Index the NASDAQ 100 index and Apple stock as well as two individual stock picks a week that you never see on YouTube that cater to the 3 to five week swing Trader out to the 3 to five month near-term investor always looking for 20% moves or more on those underlying stocks and you get to see all of this for free we offer a 5-day free trial upfront so check out Wicket stocks.com let's take a look at the charts I will begin with this one uh descending 2/3 Speed Line uh projected off that June all-time high using the August low in its calculation we settled above it a couple of weeks ago it's at 11379 today and um it's likely to be tested today it can contain selling through next week and really through September especially when you consider it being kind of the beginning of a um of a gradually narrowing Zone uh you know down to 10785 and that's a rising 2/3 Speed Line over the next 3 or 4 days it all coalesces into a single area around 110 and change so you know if you can consider this the beginning of a range I don't want to interfere with your trading style and your risk management uh but um you know if you can buy it I don't know scale into a long position some at 11379 and some again at 10785 before then bailing on a long position with a settlement below 10785 which I'll get to in a moment but this Zone narrowing daily I bumped it up to multi-week because it has multi-week implications it can contain selling through September and from here we can round up to the 14.76 June high within about 2 to 3 weeks and yes we can continue higher and are still anticipating this mid 150s and climbing over the next couple of months holding above 11379 let's take a look at what occurred actually on um Thursday we opened clearly below this short-term Rising Channel bottom uh 12461 is your ceiling today can contain daily highs if tested and Below which 11379 as I've been saying remains a 3 to 5 day Target with but with presently spiked volatility uh I think we should see this today 11379 again the beginning of a Zone down to 10785 that can absorb selling through September and from here we can Round Up to new highs actually within about 3 to 5 weeks a retest of 14.76 within 2 to 3 weeks so forth and so on a 3 to 5day swing trade right now I think is buying 11379 and anticipating then recovery to 12461 where profits can be taken this is just the day trade area if we close above 124 UH 60 1 we do have and where are you yes the 130 even high settlement price that is still the high settlement price following the early August low so closing today above 12461 there I do think that if we close today above 12461 that would also be above a Thursday's high of 12443 that in itself would likely forell the 140. 76 level within uh 1 to two weeks but to be more safe than sorry uh it would be a settlement above 130 even that would clearly indicate within about 3 to 5 days a return to 140. 76 once again a testing 11379 within 2 to 3 weeks we should make our way to 14076 I will say that if we test 11379 today and then round up by the end of the day to close above 12461 that would be an outside day a bit of a reversal in itself and I think that would set off enough follow through buying that 130 Point even would just be a hesitation point maybe on Monday uh but beyond that I think if we close above 12461 today especially after testing 11379 early in the day we can anticipate 140. 76 uh inside of two weeks uh by the end of next week perhaps um now let's talk downside once again I just want to remind you that we do have 10785 this area is narrowing gradually uh and um you know able to contain selling through September but if we close below 10785 that indicates actually a good high through the month of September and I would then expect within two to three weeks the 8677 structure where we could bottom out through October possibly into later year and round up from here so um bottom picking 10785 to 11379 and I'm talking really to 2 to three week 1 to 2mth position Traders this is your area to buy into as we move through the month of October and if we close below 10785 it would be reverse if you can if that's something you're Adept at doing and playing the short side it might mean reaching for 85 strike out of the money puts that don't expire for at least I would go a couple of months out on that two to three week downside play following a settlement below 10785 once again let's take a look at the upside if we close above 12461 that that is constructive at least into Monday where I would anticipate you know a return to where are you 130 even within a single session of trade but I also think you know I kind of grappled with whether to call 130 even just kind of an intraday resistance uh because really I think the settlement above 12461 is a constructive development is a bit of a momentum reversal as we move through next week but um you know the more prudent approach Ro uh would be a settlement above 130 even you could also if you're kind of a one to two we swing Trader let's say you could buy some above 12461 settlement above and then load up on the rest with a settlement above 130 even and then you've got an average price somewhere around 126 127 anticipating then 14076 within a full week or two of activity of course if we were to close above 140. 76 in the coming a week or two our longer term objective well above at 15555 would become a kind of a 2 to three week objective where we could top out actually possibly through the rest of the year is there anything else for me to say I don't think so I think I've said it all so please click like and share subscribe uh I will um be back of course a Sunday afternoon with Monday's Nvidia uh we put out two stock picks this week dual lingo and Marvel technology both of which are in the precipice of significant buy signals uh that have yet to occur but you want to know what those price points are uh there'll be pretty solid trades to the upside if we get those buy signals uh check out wicks.com take advantage of that 5-day free trial you'll be able to see it all for free and if you don't like what you see after 3 or four days you can bail at no cost to you whatsoever but you just might want to stick around because you'll also get daily triple q and daily spy analysis I will be back Sunday afternoon with Monday's Nvidia report and you have a great week again