Chart of the day

Where do we stand fundamentally?

Nvidia is riding a wave of robust demand for its AI and GPU technology, especially following recent announcements and strategic partnerships. The company’s upcoming Blackwell GPUs are already sold out for the next year, underlining strong market confidence in its products and solidifying its role in the AI sector. The anticipated demand is so high that even new orders won't be fulfilled until late 2025, according to discussions with Morgan Stanley analysts. Nvidia's current-generation Hopper GPUs are also seeing significant uptake, as they are in high demand by cloud providers like Amazon, Microsoft, and Meta Platforms.

NVDA is retesting the previously broken upside resistance of 130. We need confirmation of a breakout above 130 for an upside continuation in the uptrend fifth Elliott Wave to 200. Invalidation of this immediate upside extension could come upon a break below 121.

An invalidation level of a fifth-wave long-term extension higher and a bullish cycle continuation is much lower at 94 meaning we are in the strong bull uptrend. As said the continuation of an extension could lead to a 200 target in the medium-term to long-term if NVDA sustains a breakout above 130.

_{Try a long trade entry with a stop loss below 120 to target 150 and higher. You can trade it with options as well}