NVDA Predictions for 2024
Overview
NVDA one-year reading for the year 2024.
Currently status: December 10th, 2023 10:50 p.m. Eastern time, NVDA at $475
Overall theme and behavior for NVDA in 2024
A strong rally with increasing momentum will be noticeable on the one-year chart and a good cash out opportunity on a multiyear scale. 2024 is extremely bullish for NVDA
Behavior around highest high:
Near the highest point, there’s a brief peak, then a decline through several support levels.
Highest High may be in March, July, September, October and towards the end of 2024.
Behavior around the lowest low:
A sideways fluctuating declines the lowest point, before a significant rally, marking the year’s low. Both the high and low are important when compared to the 10-year reading. Lows may be in April/May cusp.
Best Trades:
Go long in early May after a sharp decline that you could close in July.
Enter long at the lows of on the cusp of November / December. There should be a notable decline into an important support level around the early part of December that will be an entry point in the midst of that decline. That decline will come after a period of sideways rotation near a November high. I’d ride that into the following year of 2025 where we likely have higher highs.
2025 Preview:
A decline on a on a scale of a one-year chart from like a diagonal trend line to the downside and then back to that first trend line as resistance and then back to that other trend line of support making like a sideways S formation within a channel. So we should see some pretty mixed behavior, but within a channel.
Performance against S&P
Nvidia significantly outperforms the S&P 500 in 2024.
Trade opportunities:
JANUARY
A significant move up on a one-year chart on the cusp of January / February is followed by a full retracement. Momentum builds as January progresses
FEBRUARY
The rally continues into early February. There is a prominent peak in early February that we sell off from in the midst of a period of volatility. That period of volatility ends with a fast sudden move higher. We see a sharp drop from that crest or peak in late February to a trough. At some point in February, out of that trough there’s a notable move higher, like a breakout, and we turn resistance on a multi-day scale into new support
MARCH
Price swings in early march lead to a decline off of the march high. Amid volatility, there is a sudden move higher. Within the second week, there’s a decline from the March high. Towards the end of the month there is a high which is also within close time proximity to a prominent trough. There’s also a pop and drop in the later part of March and the low for March forms after a notable decline.
APRIL
An important resistance level is highlighted in the midst of volatility. There’s a sharp drop potentially in the second week of April, maybe the beginning of the third week of April. Behavior around April high, we have sideways rotation and a fast sudden move higher which marks the end of that sideways rotation. We bump a long resistance, break through resistance, bump along resistance, break through resistance around that April high. Then there is a period of volatility in the later part of April with a sharp drop that takes us to our April lowest low.
MAY
Early May will present a prominent trough on a one-year chart scale. This will stand as one of the best buy opportunities if the not best throughout 2024.
JUNE
There is another decline from May into June. There’s a significant peak in mid-June that we sell off and then the low of June forms when we have from a peak from a crest we sell off down to and through support, and then we do a u-shape reversal, come back and reuse that price level as support.
JULY
There’s an important resistance level in early July that’s highlighted. We kind of flatten out around that resistance. The July low is within close time proximity to a prominent peak on a one-year chart scale and the July high forms when we rally on a one-year chart into that. We probably break through several resistances while bumping along resistance, breaking through, bumping along, breaking through, and then there’s a peak that forms at the July highs towards the middle of the month and it looks like there’s a peak that forms when we break through resistance, we stay above it briefly, and then we break back down through the same price level shortly thereafter.
AUGUST
Another notable move higher in early august reaching for distant resistance is followed by a lot of volatility moving into the august high. The August low is going to form at an important support level on a multi-year chart scale and then out of a decline, we’ll have a big move out of it from the bottom of a range all the way to the top of a range to reaching for prominent peaks on one- year chart scale towards the middle of August
SEPTEMBER
There are multiple failed attempts to break through key resistance around the early part of September and a sharp drop in early September as well the September high will form later in the month. It looks there is a notable rally into it along a diagonal trend line that breaks through horizontal resistance, meets a second resistance, and then pulls back to somewhere between those two price levels. Behavior around the September low; we have a rally upwards through an important price level, then we cross back down through it and then back up through it again, so we probably see the September low twice. Usually on that third cross up we confirm a bullish trend. It looks like as we leave September, we’re in a bullish kind of trajectory. So there’s a sharp drop maybe right at the end of September around the cusp of September / October followed by a notable reversal
OCTOBER
There’s an unexpected move higher in early October to reach for the October. The October low forms when a rally along a diagonal trend line ends with a fast sudden move higher and then a breakdown through that diagonal trend line with increasing volatility on the way down. In the later part of October, we have a sideways rotation establishing support, and then a big move higher standing out on one year chart that rallies into early November
NOVEMBER
The rally ends in early November, followed by sideways rotation near the November high. The highest high in November is probably towards the third week of November. Then we have a pretty significant decline there off of that November high into a low probably in the first week of like a significant trough on a one-year chart scale in the first week of December.
DECEMBER
The first week of December marks a significant trough at an important price level. We kind of flatten out and do sideways rotation in early December, and then off of the December low in early December, we’ll have a big move higher pushing the upper end of a range higher and then establishing support at a higher price level in the later part of December. Off of the December high we should see a notable decline to a trough that’ll be important on a multi-day scale.