$NVDA = Long Term Forecast = 13.08.2022 #NVDA #investing #trading

$NVDA has probably one of the best mid and long term perspectives among the semiconductors stocks.

In today’s overview I traditionally evaluate candlesticks on various frames and discuss the the mid- and very long term perspectives using Elliott Wave theory.

Many other long term forecasts and regular weekly reports can be viewed here:
https://investingangles.com/weekly-analyses/

CANDLES

The daily candle closed with a bullish continuation candle. The odds and the trend is bullish. However, the price is getting closer to 100 DMA and there is a chance of strong rejection.

The weekly, despite being green, failed to close above the previous weekly high and above 20 EMA. It can be viewed as a short-term weakness, possibly leading to a pullback.

The monthly in July formed a Piercing Line with a good chance to confirm in August. We will discuss the exact required level in Summary below.

The 2-month candles also look optimistic. If NVDA holds the current level or goes higher by August 31st, it will form a bullish Engulfing which would almost guarantee higher prices in the following few months.

Overall, the candles look optimistic with a good chance of closing in August on a bullish note.

ELLIOT WAVES

Short Term

After forming a very close to ideal motive wave off the June lows, NVDA completed a similarly shaped actionary wave down. It can mean only one thing.

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