Chart of the day

Where do we stand fundamentally?

NVDA is pulling back from the hop ahead of a new earnings report at the end of the August. The market share and sales are seen expanding and still this pullback can be seen as an uptrend correction. Fundamentals are strong.

NVDA is testing the 105 long-term uptrend support and a uptrend channel support. A break below this level will lead to an invalidation of immediate extension higher. For an extension higher we need to see a break above 110.

An invalidation level of a fifth wave long-term extension higher and a bullish cycle is 72. This extension higher could lead to 170 target in the medium-term to long-term upon a break above 120 again and a bounce from this 105 support.

_{Try a short trade entry with a stop loss above 100 first to target 160. Trade it with options as well.}