Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
You can access both of our platforms from a single Saxo account.
Technical Update - Nvidia likely cancelling top and reversal pattern, extending uptrend
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: Nvidia is set to open at new all-time high. Top and reversal pattern in the making is likely to be demolished. Uptrend likely to be extended further. Today's closing price can be crucial
Nvidia is trading approx. 12% higher around 760 pre-market following Earnings release (at the time of writing this).
If opening around that level as indicated on the daily chart (horizontal blue dashed line) it is a new all-time high thus creating a bullish price gap.
If closing higher than its previous peak at 746 the top and reversal pattern formed on the daily chart is cancelled. A closing gap has then been created and higher levels are in the cards for Nvidia. A short-term move to the 1.618 projection just below 800 will then seem likely
If Nvidia is closing the gap that it is likely creating at the opening today i.e., a closing below 741 (Body gap is considered. Body is the difference between the opening and closing price on each trading day) selling pressure can be fueled further.
The weekly chart shows a Doji Evening top and reversal pattern in the making (circled). But if Nvidia is performing a new higher close today and Friday that pattern is cancelled.
A new higher close will also most likely cancel the RSI divergence on both daily and weekly chart supporting higher levels in coming weeks for Nvidia.
If, on the other hand, Nvidia is closing below 741 today Thursday that top and reversal pattern is still in play. Then the closing of the week will be crucial.
Latest Market Insights
Quarterly Outlook
-
-
Quarterly Outlook
Equity Outlook: Will lower rates lift all boats in equities?
Peter Garnry
Chief Investment Strategist
After a period of historically high equity index concentration driven by the 'Magnificent Seven' sto... -
Quarterly Outlook
FX Outlook: USD in limbo amid political and policy jitters
Charu Chanana
Chief Investment Strategist
As we enter the final quarter of 2024, currency markets are set for heightened turbulence due to US ... -
Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
The Fed started the US rate cut cycle in Q3 and in this macro outlook we will explore how the rate c... -
Quarterly Outlook
Commodity Outlook: Gold and silver continue to shine bright
Ole Hansen
Head of Commodity Strategy
-
Quarterly Outlook
FX: Risk-on currencies to surge against havens
Charu Chanana
Chief Investment Strategist
Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperfo... -
Quarterly Outlook
Equities: Are we blowing bubbles again
Peter Garnry
Chief Investment Strategist
Explore key trends and opportunities in European equities and electrification theme as market dynami... -
Quarterly Outlook
Macro: Sandcastle economics
Peter Garnry
Chief Investment Strategist
Explore the "two-lane economy," European equities, energy commodities, and the impact of US fiscal p... -
Quarterly Outlook
Bonds: What to do until inflation stabilises
Althea Spinozzi
Head of Fixed Income Strategy
Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain ... -
Quarterly Outlook
Commodities: Energy and grains in focus as metals pause
Ole Hansen
Head of Commodity Strategy
Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities i...
Disclaimer