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NVDA Stock Struggling to Break the $500 Level – Stock Analysis

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All right, so in today’s video, we’re going to take a look at Nvidia. It’s been struggling a little bit to break this $500 price level and Target. We’ve had a little bit of trouble here in the last couple of days with the market.

Current Price Analysis

Pulling up the chart here, you can see Nvidia is playing around in that $500 level. Yes, it did kind of break it a couple of times, call it at $505.48 as far as the highs go, $505.17 in a few of those spots, but it hasn’t really truly broken it and stayed above it consistently. Every time we get into this $500 level, we’re getting some form of resistance or some trouble.

Historical Challenges

We’ve done it here in August, and then we get rejection. We kind of got close at the end of August as well and then rejection. We’ve done it multiple times in November and also in December a couple of times, but every time it’s been rejected. It keeps pounding on this ceiling, which in many cases means it will eventually break, but it just needs some time. Look at this consolidation.

Sideways Action in 2023

Even though this stock has had a phenomenal run in 2023, we’ve had a lot of sideways action on the back part of that. Here’s kind of the halfway point. We’ve had a big run around that 2023, but towards the second half, we’ve had some trouble; we’ve been kind of moving sideways. It’s been struggling to get above those levels.

Support and Resistance Strategy

However, can you play this support resistance and those kinds of things at these levels? Yeah, absolutely, you could play this stock when it comes down to support or sells off, and at resistance, it does feel a little bit toppy. However, the good news is that when this sideways action is created, that’s actually a good thing. It gives it some breathing room and it gives it some digestion, which means prices are settling a little bit more. Rather than continuing to move up rapidly, this sideways action is positive.

Caution and Range-Bound Trading

So, when we’re looking at this chart and this recent movement, I mean really since August all the way till now, we’re just moving kind of sideways, and that’s about almost five months. What I would do is just pay attention to those levels. You could play this stock as far as the lows to the highs and play it as a range-bound stock for the time being. But I would be a little bit more cautious for adding new positions.

Potential Nibbling Opportunities

For longer-term growth, maybe past that $500 after it broke it for a couple of weeks, if you were trying to nibble on bottom areas, the bottom areas would probably be around that $400 to $410 Zone. You won’t always get there at the bottom, so it could be a range between somewhere around $400 to maybe $430. If you can get into that zone and nibble and buy on dips, then you could always look for those areas. Watch out for the nibbles because those could create some nibbling opportunities, but right now, it’s kind of not there yet. It’s still near that upper band between that $450 and $500 range. You’re at $476, so you’re still in the upper area for the stock.

Conclusion

Anyway, that’s kind of my thoughts on the stock. So, truly appreciate you joining me. Thank you so much. Feel free to check out the website, and I will see you in the next update. Take care.

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