BY LICIA LESLIE
March 27, 2024
Hi Shoppers,
We are all aware of the meteoric rise Nvidia (Ticker: NVDA) has had since the first of the year.
It has gone from $480 to $974, that’s 103% in less than three months.
The day of that high turned out to be a huge reversal and NVDA pulled back to a low of $850.
It has since rallied doing its best to achieve that high again but coming up short trading $967 on Monday.
Yesterday’s action took it down to my support level on the pitchfork:
Another pullback looks in order.
If NVDA breaks that support at $921, the next level comes in at $901 and then $865, keeping the uptrend intact.
Resistance comes in at $969,
Trade Review
Bitcoin (Ticker: BTCUSD) held my support and traded higher. ProShares Bitcoin Strategy ETF (Ticker: BITO) followed as it gapped up opening up $1.40 and ran higher. It has since pulled back yesterday, but I still think it will trade $34.40.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
See what's hot at option pit
CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
DELTA STRIKE: VLY Mar15 8 puts closed for a 88% gain
PFE May17 26 calls closed for a 66% win
OP MENTORING: SPY Mar22/19 510 put calendars and 520 calls for 6.4% gain
OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain