Bearish NVDA - 02 November 2023 - Technical Analysis

EURUSD Forex

NVIDIA

Bearish Closed

Charts by TradingView

A Price Action Descending Triangle pattern formation on the 4 Hour time frame chart supports NVIDIA Bearish bias. A break of 400.77 will support the fall towards the target of 366.79 the break of 366.79 would push the price to 344.14.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 546.04
Support S1: 545.66, S2: 545.11 , S3: 544.73
Resistance R1: 546.59 , R2: 546.97 , R3: 547.52

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Summary

Instrument :

NVIDIA

Direction :

Bearish

Pattern Name :

Descending Triangle

Probability :

50%

Entry Level :

400.77

Activation Time :

2023-10-26 17:30

Age :

106 Bars

Progress :

16%

Close Time :

2023-11-02 14:30

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

There are no signals right now

Descending Triangle

A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. a descending triangle can be either bearish or bullish. Traditionally, a regular descending triangle pattern is considered to be a bearish chart pattern. However, a descending triangle pattern can also be bullish.