Time to Buy? for NASDAQ:NVDA by SLRK — TradingView

Clearly the crypto frenzy and the new GPU lineup should boost the companies revenues, but we all know the story; delivery delays on the GPU and a strong AMD competition somewhat seem to have spoiled the party…

If we believe the analyst consensus the stock should trade around $591 which is the all time highs which the stock tested in September and November. So is the recent pullback into the $520 and upcoming earnings worth buying?

Technicals;

+ long term uptrend since 2019 followed by a consolidation in late 2020 and early 2021

+ Consolidation has tightly followed Fibonacci support and resistance levels (predictability)

+ Wedge formation and Bolling Band squeeze indicates potential breakout

+ Volume on positive days > negative days

+/- MACD at potential bullish crossover point

+/- RSI indicates mildly oversold territory

– Upside of 14% to target price seems little compared of the YTP performance

Personally I will look for a quick trade with entry around current levels and a tight SL to prevent unnecessary risks;

Buy Limit $520 GTD

SL $497

TP $591