$NVDA: Weekly reversal signal off the long term up trend target

19 oct. 2023

This has to be a low risk short entry, even if it fails, the reward to risk justifies taking a position or at the very least taking profits from long exposure to NVDA as it has reached the quarterly timeframe target, and is at risk of erasing the huge gains it had since the AI boom started recently.

I'm personally not going to short it as the valuation and growth story is appealing if it were to regain strength but I also carry no long exposure to it anymore.

I suggest caution, if the strongest AI winner out there is reversing from a long term target, then what's left for the other overvalued mortals who were merely dragged upwards by the recent speculative frenzy?

Best of luck,

Ivan Labrie.

20 oct. 2023

Note

Let's see how the week ends today...