Stock Analysis:- Today’s Best Swing Stock idea for 2024 is NVIDIA CORPORATION (NVDA).
Trade Details:
- Date: Wednesday, July 17, 2024
- Closing Price: $117.99
On the weekly time frame, the trend is bullish, with the market continuing to create higher highs (HH) and higher lows (HL). NVDA stock has reached an all-time high of $140.86. The RSI also indicates the price is overbought and shows divergence.
On the daily time frame, if the price breaks and closes below $116.70, the market will shift into a sell trend. In that scenario, NVDA stock could easily touch the $100 price level. We plan to initiate a sell trade if the market retraces to the $120-$124 price range.
Note: If the price breaks above $136.42, this sell setup becomes invalid.
Sell Swing Trade Ideas:-
Entry Price Range: $120-$124
Stop Loss (SL) Price: $136.42
Target 1: $110
Target 2: $100
Note: Keep trailing your stop loss to secure bigger profits.
Please note this is only an opinion and not financial advice.
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