Transcription
Hi, this is Kri Arac with Wicked Stocks, bringing you your daily Nvidia report for Monday, February 3rd, 2025.
Let's take a look at the charts. Before I jump into it, I just want to mention that last week we put out two stock picks: WickedStocks.com, Equifax, and Kinross Gold Corporation, a big gold mining stock out of Canada. If you've been watching gold, this is a stock that is on the edge of a significant buy signal. We give you all the points, all the requirements for entering a long position, or at least the parameters thereof for decent certainty as we move forward.
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Anyway, Nvidia Corporation's weekly chart, having closed the week—not just the day—below 127.10 does underscore the likelihood for the 105.3 formation over the next 1 to 3 weeks, depending.
Now, on the daily chart, if you recall, last week we did close below it. Monday of last week, Tuesday we came barreling back, closed above it. We put out a key reversal low. The market, you know, will have none of that; we fell back again. So this is our resistance area. I still have this just session containment, just an area that can contain daily highs, and below which we should fall into this 114.50 level, possibly today.
Now, on the way down, I do have 117.33. That's kind of an inside 4-day channel bottom that can contain intraday weakness. If we break 117.33, 114.50 is likely today. 114.50 is a 5/8 Fibonacci from the August low against that more recent high from early January. It can contain session weakness, but I don't think any longer than that.
We might bottom out here on a 3 to 5-day basis. You know, if you're a 3 to 5-day swing trader and you want to have a go at 114.50, I don't have a problem with that. We can then round back up into the upper 120s within several days. But just know that the big picture does suggest 104.62 over the next 1 to 3 weeks, depending on volatility.
And this remains in effect. This is really the 2 to 3-week outlook, holding below 133.05 to 135.38. This is your short sale zone into later February, below which I maintain a 104.62, 2 to 3-week objective.
If we were to close today, for instance, below 114.50, we should see 104.62 this week within another 3 to 5 days. So if you're a 3 to 5-day swing trader, 2 to 3-day swing trader, if you hold positions overnight, you could have a go at 114.50 and then hold out for the upper 120s again within several days, 3 to 5 days.
If we close below 114.50, reverse, go short the next 1 to 3 days, depending on volatility, likely to test 104.62. 104.62, as it is on the weekly chart at 105.03, is our base of longer-term support. We can bottom out here at 105.03, not only through February but even into the second quarter.
From here, we can round back up to 127.10 within 1 to 3 weeks and even back into the mid-150s or higher within several months. It is the mid-150s, the double top here that we have, and I don't see that as a significant resistance area.
What I see, assuming 105.03 holds, is that we can rotate up to resistance, which is now in the lower 160s and climbing. So we could trade inside of this zone all the way through the second quarter.
Now, yes, if we close below 105.3 at the end of any week, then we set up for 74.13, and this becomes more like a 2 to 3-month objective as the market would then continue to decay. Its average daily range would likely continue to narrow, and this could take longer than just 2 to 3 weeks. This could be the better part of 2 to 3 months.
So we'll just see how that plays out, but I'm not anticipating that bearish scenario. I do think 105.03, and once again on the daily chart, you've got 104.62 as your zone to buy into longer term.
So if you're short, you know, if you've been short for a while, if you get short here today following a settlement below 114.50, the 104.62 level is your profit-taking zone to buy back those short positions and reverse and go long.
Go long, whether it's a day trade, 3 to 5-day swing trade back to 114.50, a 3 to 5-week swing trade back up to the channel support, now resistance in the low to mid-130s, now in climbing.
And that kind of covers the downside. Let's talk upside. I do think, you know, if we close back above 127.10, I do see that as a show of strength. In other words, even if we don't close back above 129, I would exit a short position if we close the day, let's say, I don't know, 128.02 or something inside of this little pocket.
If we close above 129, even, that is your indication. And this is just a quick 1 to 2-day rally up into the 133.5 to 135.38 region. This is an area where, if you're a 2 to 3-week swing trader, you can go short into the low 100 area, 104.60.
Inversely, if we test 104.62 over the next week or two, this is an area you can go long in anticipation of upward rotation back into the mid to upper 130s. I'm going to call this more of a 3 to 5-week rally, but it could also be just 2 to 3 weeks.
The upside is very stair-step. If you're looking at the big picture, you know, certainly if we close back above 135.38, you can make a case for, you know, the low 160s, perhaps mid-160s. But I just see it as kind of a—there are these little 1 to 2-week time horizons.
Closing above 135.38, this is a 1 to 2-week, possibly 3 to 5-day rally to 146.58 that can contain weekly highs. We could fall away from there. It would be a settlement above 146.58. I think that just puts us in the clear in terms of the bearish scenario.
But is it a runaway bull? Not just yet. I mean, I hate to keep throwing these little levels at you, but you know, the only swinging for the fences in terms of a longer-term long position is at 105.3. I think that is your setup into the second quarter.
Through the second quarter, from there, we could eventually find ourselves in the 160s and climbing within several months. But in terms of reaching the low to mid-160s, you know, it really is above 146.58.
So that's kind of the way it is. Is there anything else to say? I don't think so. Please click like, share, subscribe. Check out WickedStocks.com. Take advantage of that 5-day free trial. I'll be back tomorrow with Tuesday's Nvidia report. You have a great day.