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NVDA Trade Setup

Short entry on NVDA (NVIDIA Corp) to be determined; either a break below the rising wedge or below the 60.60 level (just below 60.63 support). NVDA is one of several semiconductor stocks on my watchlist for short trade ideas. As such, for those that plan to add short exposure the semiconductor & chip equipment manufacturing sector, make sure to determine your target exposure to the sector in order to allow for additional trades as they are posted going forward.

NVDA daily Aug 24th

NVDA daily Aug 24th

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Aug 24, 2016 10:49am|Categories: Completed Trades - Short|Tags: |3 Comments

3 Comments

  1. Sau987 September 9, 2016 11:30 am at 11:30 am

    @rsotc can you please provide an update when you get a chance this just triggered

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    • rsotc September 9, 2016 11:49 am at 11:49 am

      Sau987- NVDA has triggered a short entry, as you point out & is currently flirting with the S1 level (60.63) which I very much expect to give way soon as the semiconductor sector (SMH, $SOXX) has now clearly rolled over after the recent breakdowns. Most semiconductor stocks have a pretty tight correlation to the sector & with the charts of NVDA confirming, I don’t see any reason why NVDA won’t continue lower if the sector does, as the chart continue to indicate. Also remember that the semiconductor sector is a leading indicator for the tech sector, which is pretty much the largest sector of the stock market & what lead the market on the way up will likely lead on the next leg down.

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  2. ben711 September 9, 2016 11:48 am at 11:48 am

    breaking down

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