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Nvidia: Watch Trading Volumes for Next Surge Higher

Published 02/07/2024, 03:03 AM
NVDA
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A look at Nvidia (NASDAQ:NVDA) across the timeframes. Beginning with the monthly chart, we can see the relentless move higher since the October 2022 low, and aside from the pullback in September and October of 2023, it’s been a one-way street.

However, January’s volume does appear a little light concerning the candle range, and with the stock hitting ATHs, the question is always where next. The media is full of targets for the stock, with levels as high as $1000 by year-end (or sooner).

On the chart, you will see the levels given by our Quantumtrading Camarilla indicator for this month alone. Nvidia may indeed continue higher, but ultimately it will be volume that will validate any move.NVIDIA-Monthly Chart

Moving to the hourly chart, here we see today’s reversal in action and also how I like to use the Quantumtrading Time Adjusted Renko indicator that aligns with the price action. Using it on the hourly chart helps keep us in a trade on the slower timeframes.NVDA-Hourly Chart

Finally, a closer look at the reversal on the 15-minute chart where we have a lovely example of a more nuanced VPA signal.

Since annotating the charts, Nvidia has indeed paused at the volume point of control on the hourly chart. As we say in forex, it’s all about levels and flow!NVDA-15-Minute Chart

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