Nvidia Stock Price Stays Above 50 EMA, is $150 Level Next Stop? 

• Nvidia stock price is trading under an ascending parallel channel during the bounce back.
• Buyers struggle on the 50 day exponential moving average on the daily price chart.
• On Friday, NASDAQ:NVDA share price closed at $138.34, up 4.99%.

Shareholdings of Advanced Micro Devices, Inc. and NVIDIA Corporation AMD are trading higher on Friday evening. Shares of semiconductor and chip companies are rising, owing largely to Intel’s better-than-expected third-quarter earnings per share.

Nvidia stock price has left the bear dominated zone and the price action for the past two weeks is forming a high-low formation under an ascending parallel channel. Buyers barely maintain this bullish price pattern to keep Digital Acer out of the sight of sellers. Although the trading range of the parallel channel is narrow, the bulls are shifting swing higher, all of which could act as a pumping zone further.

In the letter of Friday 28 October, Nvidia stock price rallied by 4.99% and gave a strong daily closing at $138.34 mark. Amid bounce back, share value reaches close to downsloping trendline (above the chart), valid from late March. 

Despite sharp fall in values, bears failed to pulldown price below conceptual round level of $100, still remains to test. Before this kley level, bulls have one more support at $108- 52 weeks low. In contrast, Nvidia stock price may fill the gape ahead, and bears may try for sell-off at $150 level.  

In terms of the daily price scale, buyers maintain Nvidia stock prices above the 20 day exponential moving average. But this struggle may expand because sellers are active at 50 EMA. next trading session’s price opening will decide the next momentum of asset. 

The trading volume stayed at $51.94 Million and market cap reached $344.33 Billion as per the last day of this week. Eventually, the RSI indicator is headed towards the overbought zone as well as the MACD is about to enter the positive region.

Conclusion 

Although, the Nvidia stock price has already closed above the 20 day exponential moving average but still needs to break the downsloping trendline. RSI and MACD indicators are bullish so bulls should wait for strong confirmation. 

Support level – $108 and $100

Resistance level – $150 and $200

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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