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We finally hit a 5 trillion dollar market cap with Nvidia — wild, right? With that milestone and a major earnings week still unfolding, I wanted to dive into what the charts are showing.
I’ll start with Nvidia’s surge from the Bull Support Power Zones and then move through key setups for companies reporting on Thursday, October 30 — all using my usual blend of price action, market timing, and momentum.
Here are the highlights:
1️⃣ Nvidia (NVDA): Bullish Momentum Meets Caution
After lifting beautifully from the Bull Support Power Zones, NVDA reached my internal coaching target near 208.00 and extended up to 212.16. With the current daily candle possibly forming a short-term high, a pullback wouldn’t surprise me — especially with the Fed’s rate-cut chatter in play. As long as price holds above the October 22 low, the Bullish structure remains intact.
2️⃣ Estee Lauder (EL): Breakout with Room to Run
EL is breaking out from a strong base that held firm in late September. Even with some current consolidation, I see potential for further upside while it remains above recent support. Despite a short-term disconnect between price and the July 3 RSI peak, the bigger picture still favors the bulls.
3️⃣ Xcel Energy (XEL): Classic Pullback Setup
XEL has been working off overbought conditions through a clean series of lower highs and lows. The simplicity of this pullback — without erratic volatility — makes it one to watch for a resumption higher. As long as price stays above 76.94, the September 25 low, the trend remains constructive.
4️⃣ Merck (MRK): Still Searching for Direction
MRK continues to churn after forming a low near 75.00 and remains stuck in a choppy base. Until it can clear resistance around 97.00 — the March high — I’m expecting sideways action, even with earnings on deck.
5️⃣ Eli Lilly (LLY): Broad Range, Gradual Strength
LLY has been trapped in a year-long declining channel but is attempting a resumption higher within that range. I’d map out a resistance line across recent highs and monitor for a breakout move toward 863.00. Momentum is improving, but confirmation requires a clean breakout.
6️⃣ PTV Active (PTV): Strong Momentum Above Bull Support
I don’t follow this company closely, but the chart is powerful. PTV has been respecting the Bull Support Power Zone and pressing higher with consistent follow-through. As long as price holds above the latest swing low, I see continued room to the upside.
7️⃣ Amazon (AMZN): Waiting for the Breakout
On the monthly and weekly charts, AMZN has been consolidating between the June 23 low and February 3 high. Recent headlines about cutting 14,000 corporate jobs — using AI to streamline operations — have boosted prices slightly, but the range remains. A closing break above 235.90 (September 16 high) would confirm strength. Failure to clear that level could bring a retracement toward 215.00 before the next leg higher.
8️⃣ Dexcom (DXCM): Bearish Divergence Signals Caution
DXCM is flashing warning signs with a clear disconnect between price and momentum. The structure suggests more downside ahead — I’m watching for a possible move back toward the 60.00 area if weakness persists.
9️⃣ Western Digital (WDC): Breakout in Motion
WDC is already breaking out as I record this. That said, buying straight into a breakout can mean a wider stop, so patience pays here. I’d prefer to see a pullback that stays above the October 28 low — or ideally the October 14 low — before considering new entries. Earnings could fuel that retracement and create opportunity.
🔟 Apple (AAPL): Time for a Pause, Not a Pullback
AAPL’s long-term uptrend remains strong, but weekly momentum isn’t accelerating despite the price pushing above the December 2024 high. On the daily chart, the Bull Support Power Zone has continued to provide solid buy zones even as resistance holds. If you’re long, tighten stops under the October 10 or October 22 lows. Any pause here could simply be time-based — a sideways consolidation rather than a big correction.
~Hima
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