NVDA - Watching for a Bounce from the 200 EMANVIDIA CorporationBATS:NVDAAlphaFox-TradersNVDA is currently moving inside a downward channel after getting rejected from the upper part of the channel. Price is now around 214.72, and I’m watching the 200 EMA around 195 -196 as the main area of interest. As NVDA has already bounced twice from around the 200 EMA and previous fake break down and more bounce from this, so I’m expecting this area to act as an important support again if price comes down there. There is also some confluence around the 189 -196 zone: 200 EMA: around 195.36 Support zone: around 189.73 Previous trendline support is also coming into this area. Price has reacted from this region before, which makes it more interesting to watch. The MFI is currently around 59.67, so money flow is still healthy. It isn't showing an oversold condition yet. The RSI is around 51.01, which is more or less neutral. For me, this means I would rather wait for the price to come down and see whether these indicators start showing weakness/exhaustion before looking for a possible bounce. My expectation is that NVDA could continue moving lower toward the 195 -190 support area. If price reaches this zone and we get a green reversal candle / bullish candle, especially with improving volume and MFI/RSI turning back up, that could give a better confirmation for a bounce, from there, the first area I would watch is around 214 - 215. So personally, I would not rush the entry just because price is coming down. I would like to see how price behaves around the 200 EMA/support zone first. Still bullish on the bigger trend, but short term I'm expecting some more downside before potentially getting another bounce. The 190 -196 area is the key zone I'm watching. Disclaimer: The information provided is for educational and informational purposes only. It does not constitute financial or investment advice. Trading and investing in stocks involves risk, including the possible loss of capital. Any decisions to buy, sell, or hold securities are the sole responsibility of the reader. Past performance is not indicative of future results. Always do your own research and, if necessary, consult with a licensed financial advisor before making investment decisions.