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NVDA Analysis – Day 1 of the GTC 2024 Conference

Today is day 1 of the Nvidia GTC 2024 conference, and there is a lot of hype surrounding this four-day event. I think $NVDA is neutral and slightly bullish headed into this event, and there is likely to be some volatile price action over the next 4 days. I think that $NVDA will spike in price if there are some good announcements, but there should also be serious concerns for a selloff as well. For these types of events my approach is to buy the rumor, sell the news. There will be a lot of eyes on Nvidia this week, and I’m sure there will be a lot of Nvidia updates coming over the next 4 days. For now there is a bullish gap higher with the weekly open, but NVDA’s price is being suppressed by a $920 resistance level here. There is an important yellow resistance trendline to monitor as well, and there has already been a strong rejection at this yellow resistance line. This yellow resistance line gives a price target around $962 – 963 over the next few days.

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