Technical analysis by Wave-Trader about Symbol NVDAX: Buy recommendation (3/24/2025)

This chart presents a bullish setup for NVIDIA Corporation (NVDA) on the 1D (daily) timeframe. The setup is based on multiple technical analysis tools, which indicate a potential upward movement. Let's break it down: 1. Trendlines & Support Zone Ascending Trendline (Yellow): A long-term uptrend support line connects previous price lows, indicating an overall bullish trend. Green Support Zone: The price recently touched this demand area, showing that buyers are stepping in to push the price higher. This trendline support + demand zone combination strengthens the case for a reversal. 2. Falling Wedge Pattern (Bullish Reversal) The price formed a falling wedge (marked by two converging yellow trendlines). A falling wedge is a classic bullish reversal pattern, meaning that once the price breaks above the wedge, an upward rally is expected. The price broke out of the wedge and started moving higher, confirming a potential reversal. 3. Fibonacci Retracement Levels The chart shows a Fibonacci retracement overlay, with key levels: 38.2% level (~$109.98): This acted as support. 23.6% level (~$126.59): A potential first target. The price is currently rebounding from the 38.2% retracement, a strong area where buyers often enter. 4. Projected Price Target (Bullish Move) Blue Arrow Projection: The blue line indicates the expected price path. Target: $153.13 (High) – The price could aim for previous highs after confirmation of the breakout. 5. Volume Confirmation A volume increase at the breakout suggests strong buying interest, further confirming the bullish bias. Conclusion: Why This Is a Buy Setup? ✅ Strong Trendline Support → Buyers defending this area. ✅ Falling Wedge Breakout → Bullish reversal pattern confirmed. ✅ Fibonacci 38.2% Support → Key retracement level holding. ✅ Target Projection to $153.13 → High probability move. This setup suggests that NVIDIA could continue moving upwards in the coming weeks if it maintains above support levels.