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active investor here bringing you another independent analysis this time we're taking a look at the simple nvda that's inidia Corporation the chart we're looking at today is a 1H hour chart each Candlestick on this chart representing 1 hour of trading we go back to right around the 4th of the month to the current trading period as well and you can see Nvidia has been making very nice progress the low of this chart being about 5637 currently trading at about 6153 and the high on the chart 632 so definitely a nice uptrend there but we are seeing a bit of struggle of a struggle let me put it that way and uh let's go over those three main pivot Points in the current channel that we're in 6302 but we can just call it 63 next one down we're looking at 62.3 and then that bottom support in this channel 6110 so 6110 6230 and $63 now you'll notice that Nvidia has dipped below this 6110 support a few times so you could technically say that there is some soft support right around the $ 60.5 area 60.5 so if this support breaks there's a chance that we would dip around 60 and a half and then come back up but it is not solid support as you can see when we've dipped down there it was mostly the Wicks and the candles did always close above the $610 support so that's going to be the hard support So we had those you know that strong uptrend on Nvidia and then the great earnings here a ton of volume came in and very bullish we ran all the way up almost to that 61 63.5 High On That single candle came back down and then pressed up making steady gains and then making that high right here but Nvidia didn't want to hold those gains it came all the way back down but not to the pre earnings level which would have been here so we came back down to about here and then tried to uptrend again tried to break out through this channel got denied again up here and then once again fell back down so the same process has repeated one two times now and we are starting to turn around once again so is a very powerful stock there you can see this was the old Channel and I didn't actually do an analysis on it the whole time it was running here since it was such a strong uptrend there really wasn't much to analyze we had to wait to see if it dipped more and then as it was dipping here you'll notice that the candles began to converge with the 50 period average and the moving averages all converged here and then we have that very bullish Divergence all the averages arcing away from each other and all that volume coming in here that's those blue lines and that's where we ran up so if you reflect at the volume and compared to the current volume we're at much lower so don't expect any insane bullish candles like that until we get more volume but the nice thing here you can see Nvidia did pay a dividend and the whole time that this thing has been channeling well shareholders are still making money getting those dividends to come in and if you didn't buy in in this upper Channel which I'm sure most people have a much better cost basis you're still at a very nice profit on your shares so Nvidia is actually doing a really good job I would like to see it break out though so far we did have a one and a two a double top and I wouldn't want to see a triple top hopefully the third test we do break out but we're going to need once again more volume so if we go back to those averages they are bearish we have the 50 20 and the 10 average the yellow green purple we want to see it in this order here purple green yellow that's the 10 over the 20 over the 50 signifying that 10 periods of trading is higher than 20 periods of trading and both of those are higher than 50 periods of trading in other words there's a strong uptrend but all is not lost you can see here when we are in thear shorter that's when we did reverse and also make for that second breakout so we can indeed reverse once again and the fact that our averages are already kind of starting to straighten out is a good sign you can see when they are arcing down that's when we're really having a lot of downward pressure and right now that downward pressure is starting to even out so we could see this thing starting to reverse fairly soon and I think that we probably will Nvidia is a very powerful stock and it's not going to surprise me to see this thing come and test another breakout again so definitely going to be be keeping my eyes on Nvidia not for a day trade but for a swing trade or even a long position and I uh I know some people who've been holding Nvidia since last year around November or some people who have bought in on the February lows and they're at over 100% profit on Nvidia and being up over 100% on a solid company like that let me tell you that's a great thing to be not a very risky investment at all due to the low volatility and low rather the high float so not much volatility and strong fundamentals makes this a great stock to be up that much on and really you're just sitting back and enjoying the profits that you're already at while watching this thing making higher highs and higher lows so we just need to break out this channel for that run to continue and I'm much more bullish on it than I am bearish that's really all I have to say about Invidia hope you guys enjoyed this one if you did please leave a like and consider subscribing to the channel if you're not already for more content like this have a good one
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