NVIDIA Stock Analysis | Top Levels To Watch for Monday, May 6th, 2024

Step-by-step Tutorial: Analyzing NVIDIA Stock for Potential Trading Opportunities

1. Introduction to the NVIDIA Stock Analysis Video

   • Watch the YouTube video titled "NVIDIA Stock Analysis | Top Levels To Watch for Monday, May 6th, 2024" from the channel Wicked Stocks.

2. Understanding the Analysis

   • The video discusses the current status of NVIDIA stock and potential trading opportunities based on technical analysis.
   • The analysis mentions key price levels and patterns to watch for potential bullish or bearish movements in the stock.

3. Identifying Key Price Levels

   • Note the key price levels mentioned in the video:
     • Above 878.4040: Indicates a bullish trend with potential for longer-term bullish continuation.
     • Below 878.4040: Indicates a potential shift to a bearish trend.

4. Setting Trading Objectives

   • Consider the following trading objectives based on the analysis:
     • Target of 974 within 1 to 2 weeks for longer-term bullish continuation.
     • Potential targets of 1127.96, 1150, and 12200 for different time horizons.
     • Watch for potential resistance levels at 974 and 1127.96 for bullish momentum.

5. Trading Strategies

   • Based on the analysis, consider the following trading strategies:
     • Buying NVIDIA stock itself for near-term investment with targets of 1127.96 or higher.
     • Consider options trading with strike prices and expirations based on your trading horizon and risk tolerance.

6. Risk Management

   • Manage risk by setting stop-loss orders based on key support and resistance levels mentioned in the video.
   • Monitor price movements closely to adjust your trading strategy accordingly.

7. Monitoring Price Movements

   • Keep a close eye on NVIDIA stock price movements, especially around the key levels mentioned in the analysis.
   • Use technical analysis tools to confirm potential entry and exit points for trades.

8. Executing Trades

   • When entering trades, consider the analysis provided in the video and align your trading strategy with the identified price levels and patterns.
   • Follow your trading plan and risk management rules to optimize your trading outcomes.

9. Reviewing and Adjusting

   • Regularly review the performance of your trades based on the analysis provided in the video.
   • Adjust your trading strategy as needed to adapt to changing market conditions and price movements.

10. Conclusion

    • Stay informed about NVIDIA stock by following updates from Wicked Stocks or other reliable sources.
    • Continuously improve your trading skills and knowledge to make informed decisions in the stock market.

By following these steps and incorporating the insights from the NVIDIA stock analysis video, you can enhance your trading approach and potentially capitalize on trading opportunities in the stock market.