The tech sector will be my full focus this week, as my favorite sector and some of my “go to” stocks have been beaten up and could see some significant bounces.
NVDA I was watching late day for just such a trade. Here is a snapshot of the daily:
Today it had a gap down and just fell all day. I missed the opening short as I was managing profit taking in other positions so I waited patiently for a bounce in the afternoon session. As you can see on the daily, price support is seen at 170, so the odds of a potential bounce as it drifted towards it was on my radar.
Opportunity presented itself at 2:45pm. BOOM! Right at reversal time, can’t beat that! As shown above, you can see the potential of a short term reversal is seen above with a surge in volume and a nice rip that took out several red bars. I entered at that point with a target of 171.10-171.20.
Given the range of selling today, it would be amazing to see a gap down for a reveral bounce…too much to ask??