NVDA Puts - Requesting Feedback on my TA

tl;dr: I think today may be a good time to buy NVDA puts for a day trade, but I came to that conclusion using TA techniques that I’m rather new to, so I’m hoping to get some feedback on if my reasoning makes sense.

I’ve been reading about ATR a bit lately and want to employ it in my trades (along with other indicators, of course) and this is the first such trade idea I have so I want to see if my logic checks out. I’m looking at NVDA on a daily chart for a potential day/swing trade.

I think NVDA is now on a downtrend looking at MA20 and noticing that the candles have been below the MA20 for about a week now (in conjunction with the fact that there are lower highs and lower lows) and it seems like there’s support in the $271 region that NVDA tested twice in the last 5 days and bounced off two days ago. I think this would normally mean that you wouldn’t enter a bearish trade until the support is broken and becomes the new resistance but perhaps the overall downtrend can be used for day trading if an intra-day support is broken and becomes the new resistance at a smaller timeframe? I’m not sure I’m saying that clearly but I basically think that it may not be the best time to enter a longer term put play on NVDA but looking at the larger timeframe downtrend and finding an intra-day entry seems to make sense to me? Please correct me if I’m missing something big.

Additionally, seems like the ATR (on a daily chart) has been in the 16-18 range for about a month, so if indeed there’s a big swing (and if it’s a downward swing assuming that my downtrend analysis is correct) this may make for a good day trade for puts right?

Is there anything that I’m missing here or does my idea sound like it makes sense?

Nope nvm this. swole pointed out in the discord that this may be a reversal (and it didn’t occur to me to look at RSI, but it seems like a reversal based on the RSI + bouncing off support twice), so scratch this lmao.

lolz, yeah this is possibly the left should of a huge H&S pattern on the Dailies…

NVDA is currently sitting at the top of the food chain and won’t be undone soon.
Whatever puts you have will be short-lived–they have events every quarter and have the iron-grip on the best GPUs on the market–for 3 of the world’s biggest chip targets: Video, Ai, and crypto.

You can scalp it.