The Long Investor

$NVDA

Added 2024-07-22 14:40:18 +0000 UTC

$NVDA holds the key to a lot of the market right now, we saw how influential it was on the market when it started its decline last week, damaging the momentum of $AMD moving higher too.

That being said, it has opened strong this morning and up +4%, also showing a test of the 50 Day MA and bouncing on this level.

There is the start of a descending wedge forming now, it needs to develop more but this is usually seen as a bullish set up if it maintains its structure a little longer.

$BTC is also in this set up and $PLTR had this set up before it broke out too.

A break above $130 and $NVDA is into melt up territory and the 4.618 Fib would be the next target, I would also expect the market to move higher for one more leg up too.