(MENAFN- Daily Forex)

• Nvidia did rally just a touch during the trading session, but it doesn't look like we can break above that crucial $175 level.
• Now, as I record this video, we have a couple of hours left, but it's a Friday afternoon in the middle of July.
• This is not typical for a market to suddenly explode to the upside. It may, but at this point, I think the analysis is going to end up being the same.

This is a market where if we get a little bit of a pullback, that's fine. I believe ultimately, we have a situation where you probably are looking for a little bit of a pullback, hopefully, and then a resumption to the upside. We'll just have to wait and see.

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Either way, this is a one-way market where buyers of Nvidia, not sellers, it's pretty impossible. The market is likely to continue to be a scenario where traders are going to continue to look for momentum anywhere, they can get it. And if we can break above that $175 level, I think we will probably go another $10 higher.

Alternatively

On the other hand, if we do pull back the 50 day EMA hangs around the $170.82 level and is riding the uptrend to the upside. And I think that opens up the possibility of a little bit of dynamic support as well. The $165 level underneath there is massive support based on that gap that we had seen. And then a retest of it. The question of course, at this point in time is will we see something to move this market specifically? And the next obvious thing would be the earnings call, but that's not until the end of August. So, we've got some time to go. The Nvidia market tends to move right along with the overall market of NASDAQ trading. And that makes sense because Nvidia is a massive part of that. If Nvidia breaks out to the upside, it could bring the NASDAQ right along with it. All things being equal, I don't see any reason why you would short this market, but you don't necessarily just throw money at it as well. A daily close above the $175 level would be a very bullish sign.

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