The weekly Nvidia stock chart shows that a retracement is likely. Typically, the retracement would go up to the ATR at 180 or possibly the red dot at about 200. The stochastics is also confirming the potential move as it is oversold. Occasionally, price will return to the fast moving average (blue line) and test it before completing the retracement. In that scenario, price will form a double-bottom before continuing upwards to the ATR.

Nvidia Stock Chart – Weekly

Nvidia Stock Chart – Daily

The daily chart shows that price has moved up to the red dot and is currently overbought. This confirms that, more likely than not, price will likely move down and test the blue ATR at around 140, which also corresponds with a test of the fast moving average on the weekly chart.

Nvidia Daily Chart

While there is no entry currently, if the daily chart retraces back to the blue ATR and finds support with a bullish candlestick formation then a short-term entry could be executed with anticipation that price will go up to the 180 area. It will be critical that the ATR holds on the daily for that to occur.