Nvidia Forecast 12/09: Nvidia Continues To Consolidate Overa

(MENAFN- Daily Forex)

• Nvidia has been somewhat choppy during the early hours on Monday, as we continue to stay in the same consolidation area that we have been in for some time.
• All things being equal, this is a market that continues to see a lot of noisy behavior, and it is probably worth noting that we are just simply“killing time” at the moment, as we are trying to figure out whether or not the overall markets can continue to go higher.

Federal Reserve and External Noise

Keep in mind that the Federal Reserve has been the most important thing to pay attention to as of late, and I think ultimately, this is a scenario where we continue to see a lot of questions asked about what's going to happen next with monetary policy, and that of course is a major influence on what happens next with some of these high flying stocks such as Nvidia. Ultimately, this is a market that I think given enough time will have to make a bigger decision, but we are basically in the middle of a larger consolidation area that has the $164 level in the bottom offering support, while the $184 level on the top offers resistance.

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It's also worth noting that the 50 Day EMA sits at the $171 level and continues to be of some importance considering that it had previously acted so strongly. As long as we can say above the 50 Day EMA, I think we have a real shot at breaking out to the upside in not necessarily breaking down. If we break above the $184 level, then it's likely that Nvidia will really start to rally, perhaps reaching the $200 area. Granted, it will take some time and momentum to get going, but it's worth noting that the market has been extraordinarily bullish and it seems like Nvidia is one of the first places traders will put money if they start to feel like taking on more risk.

If we break down below the $164 level, then it would be very negative, opening up the possibility of a drop to the 200 Day EMA near the $146 region. I don't think that happens, but you need to keep it in the back of your mind.

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