SAMT Blog
will NVIDIA reach its GAPs? Trendline broken downwards
12. August 2023, by James Touati
Technical Analysis, Wolfe Waves
This week, the US Treasury decided to propose rules governing US investment in China. The sectors concerned are quantum computing, semiconductors and artificial intelligence.
Let's take a look at the NVIDIA chart:
A bullish Wolfe Wave has been detected in the daily period.
As you can see, we have a break of the Wolfe Wave line (2-4) on August 2, 2023.
In addition, an important trendline has been broken to the downside (trendline 1).
Adding to this the Fibonacci levels, NVIDIA could reach the following target estimates on the downside:
TP1: 339.71 (23.6% Fibonacci)
TP2: 394.96 (GAP)
TP3: 349.72 (38.2% Fibonacci)
And on the upside, we could close the gap to around 464.64.
Add to this the MACD-zero shift making a bearish crossover.
NB: By the way, don't forget that NVIDIA results will be released on August 23!
In the meantime, stay safe and enjoy your trading!
For more details, you can contact me here by email, or on the following networks:
LinkedIn: http://linkedin.com/in/james-d-touati-941a8ba6
Tradingview: https://fr.tradingview.com/u/james-samt/
About the author
James D. Touati aka. The Wolf of Zurich is a French trader specializing in futures and CFD trading, a technical analyst and stock market trainer. In a pursuit of earning a living from trading, he has developed a profitable trading method successfully, consisting of a mix of tick data, Ichimoku, Fibonacci retracements, levels and Wolfe Waves.
credits: The Wolfe Wave pattern was originally developped by Bill Wolfe from New York. More information on his website.
James does not only speak 5 languages fluently (French, English, Russian, Spanish, Arabic), but with his solid industrial experience (former CEO JB aviation (Hong Kong), former Chairman M9 global group (link PETRONAS), former Partner CHINESE BUSINESS CLUB (Paris) he is a proven global entrepreneur as well.
Furthermore he has got a background as an intermediation and interconnection specialist for the oil&gas and the aviation industry in the Middle East and East countries.
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