Based on the current support and resistance levels, what is the recommended trading strategy for NVDA?
7/31/2025 10:57am
Based on the current support and resistance levels, the recommended trading strategy for NVDA is as follows:
1. **Support Level as a Buying Opportunity**: Since the support level is above the current trading price, traders may consider buying the stock near the support level of $95.04 with a stop-loss below this level to capitalize on potential upward movement.
2. **Resistance Level as a Selling Opportunity**: Traders may look to sell the stock near the resistance level of $115.1 if the price reaches this level, as it may indicate a potential reversal or a pullback in the short-term uptrend.
3. **Trading Range Strategy**: Given the proximity of the support and resistance levels, traders could also consider a range-bound trading strategy, buying near the support level and selling near the resistance level, taking advantage of the price fluctuations within this range.
In conclusion, the recommended trading strategy should involve careful consideration of the support and resistance levels, with a focus on entering trades near these key price points and managing risk appropriately by setting stop-loss orders.