Nvidia is overbought and will most likely experience a pullback, offering 4-5% potential downside profit for a short position by tomorrow (October 18, 2024), as the NASDAQ market slows down.
"I'm very excited to follow up tomorrow to see if my trade plan goes uh according to plan when it comes down to this Nidia short that I viewed to be a little bit more on the overbought side and if we look at this on the 1 hour we're testing overbought levels NASDAQ Market is also beginning to slow down which for me when I see that it's beginning to slow down and showing signs of of a little bit more of a bearish pattern that kind of excites me because NASDAQ Market is selling off but Nvidia is trying to hold on by a hair and and as long as the NASDAQ Market continues to sell off Nvidia will most likely follow which means there's pullback potential and please remember just because I take this trade does not mean that you need to but this trade would offer me about 4 to 5% of potential downside profit because when when it comes down to shorting you make money as the stock sells off"
