How Much More Can NVIDIA Drop?

so is NVIDIA a good buy at n $119 per share what's going on guys it's Ricky with tech Solutions here with a super quick market update so again I closed out the day at $1,596 66 as you can see I left myself with no open share so I'm not carrying anything over the 3-day weekend uh we do have Labor Day on Monday so just an observance to Labor Day the stock market will be closed so the next day the Market's open the next day we're going to be hosting in our free live U or our live trading session is going to be on Tuesday the thing that I want you to be aware of is the current support range that we're trading at I don't know if it's just me but the past few days although Nvidia has been slightly been pulling on back all of that really happened when it reported earnings we haven't really been making progress on the downside we haven't really been making progress on the upside and if you kind of see what we are doing right now it looks like Invidia is trying to find its support so that's kind of what I wanted to talk about I feel like a really big focus is what's going to happen with Nvidia so why not create a a plan of action that if Nvidia does begin to trade above that 1H hour EMA and begin to indicate signs of a recovery as it trades back above 120 to work its way back up to $130 per share you know what does that exactly look like now if this overall pattern does break below $115 per share that would be considered a break of support a break of pattern and then that means that it could go from 115 right back down to the previous resistance which could act as a new support which would be right around 107 to 110 so just something to be aware of if we break the support we could definitely drop further now if we do begin to show signs of a reversal all of you that are part of lpp or at least lpp 2.0 you know exactly what I'm talking about the three stages of a reversal I can film a detailed video um explaining it in a little bit um I would say in more context if you need it uh but it's pretty straightforward as of right now direction for NVIDIA is not bullish we're not showing any signs of progress on the upside and although we might show it on the one minute time frame for a short period of time it's very short-lived it almost creates these bull traps and then it aggressively sells off and it corrects itself when you look at this on the 1 hour again if you find yourself over trading looking at larger time frames not only gives you a different perspective but it also slows down you know when you would possibly enter and exit trade especially if you trade off of those major EMA or moving average indicators as of right now trading at $19 $120 per share if we do begin to break above 120 121 and hold above those Lev levels it's not just about touching it but it's actually surpassing those levels and indicating signs of a recovery then at that point I could 100% justify taking a swing trade to go long on Nvidia to then go back and sell at 130 now what exactly would that potentially offer for us well at the break above 120 let's say that we get in right around 121 and to sell right around 130 that would be an 8% return well what happens if we break support at 115 and it continues to sell off well we have to take that into consideration right so if it ends up selling off and going back to previous lows of $90 per share that would be about a 20% drop once it breaks support as of right now we're trading at 119 the support or the break of support at 115 would be additional $4 per share again it is very very early and I cannot stress this enough because it's not just Nvidia but it's also the overall NASDAQ Market I I don't know if I can't speak for all of you guys I can only speak for my experience I'm very grateful for how today ended but the thing that I do know is that the Market's been relatively slow it's been trading kind of sideways and there there has been some action within the first hour to two hours if you're a day trader but for swing Traders or for people that have been holding their position at least for the past 2 to 3 days it's been pretty stagnant fortunately we've been able to do well the past 2 to 3 days right being able to uh scalp after it reported earnings nonetheless I don't want to I don't I don't want to over complicate it as of right now direction is not super clear so when we look at this on the 1 hour time frame it is clear as day that we're consolidating we need there to be either proper indication of a recovery or proper indication of break of support and then progress on the downside at that that point I can make a clear decision I should be short or I should be long and it's all based off of what the charts tell me so that means that on Tuesday when the Market opens it's not about what I want the market to do it's not about what I want Nvidia to do but it's what the market shows me and I hope I hope that on Tuesday we get a clear sense of direction but if not that is what I would be waiting for a clear Direction on either the upside or the downside and once we get that confirmation I can choose to take a trade more confident ly especially if you're not so into day trading and so much more focused on either swing trades or kind of just trading the overall trend of the overall market right so very excited to follow up just wanted to make sure that you guys were aware that if you felt the market has been slower for the past 2 to three days I 100% am right there with you especially if you're someone that has been swing trading with that being said if you want to tune on in to our live trading session on Tuesday would love to have you there again this is going to be one of your last times to sign for lpp 2.0 before lpp 3.0 comes out and if you sign up for 2.0 you will automatically be grandfathered and get access to lpp 3.0 at no additional charge lpp 3.0 once it does come out will be twice the price so if you want to get in for the best price and if you want to get in before prices double and again second link in the description down below will get you 50% off if you have any questions feel free to comment down below if not like always let's make sure that we end the year on a green note take care team