Jensen Huang, CEO of NVIDIA, introduced Microduck robots at the GTC conference in Berlin yesterday, and they may be the cutest AI-driven thing I think I’ve ever seen in “real” life.
They’re just one of likely many vast projects in the AI realm involving this monster company. What I want to do is take a look at NVIDIA’s (NVDA) intraday chart for what might be ahead in the next several days.
Updating My NVIDIA Forecast
This analysis was inspired by an inquiry at our First 40 Trading Club Office Hours yesterday, where I did a forecast on the daily chart. However, today’s short-term weakness has already invalidated that forecast, without any risk of having put a trade on. So I’m using the intraday chart to show what the updated forecast could be.
Below is the 60-minute chart. It shows two earlier line segments coming off the October 6th high at 243.37. This is my way of representing how forecasting could have been useful to follow those sections of price moves.
Let’s bring our attention to what’s happening now. We’re seeing shares test recent support levels at 212.77 and 212.85.
A Downside Forecast with a Time Window
Using my Lost Forecasting methods, there is a forecast for shares of NVIDIA to trade down to 204.55, with a window on it—a little bit of an advanced twist.
The forecast is for shares to get there sometime between 2:00 a.m. on Friday, October 23rd, and 2:00 a.m. on Tuesday, October 27th. Those overnight times are because I plot a 24-hour chart, rather than just market hours.
So if shares continue to weaken, the price target of that forecast is what I think would be most useful. Note, though, that there is support ahead of that at 208.93, the low from September 14th, and then 207.25, the low from August 24th.
What Would Bring Me Back to an Upside Forecast
Now, if shares of NVIDIA are only currently retesting support and they don’t continue down toward the forecast, a move above yesterday’s high at 222.75 would produce an opportunity to go back to forecasting on the daily chart for further upside.
So the chart’s not particularly cute at this moment. Short-term weakness may still be ahead.
But I still say all I want for Christmas is a Microduck robot.
👉 P.S. Your Watchlist Could Inspire My Next Chart Breakdown!
Today’s NVIDIA analysis started with a ticker brought to First 40 Trading Club Office Hours. Now I’d love to hear what YOU’RE watching. Got a stock chart that has you curious—or scratching your head?
Comment below with the ticker and what caught your attention!
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