Nvidia Retraces From All-Time Highs After Bearish Pattern Forms: Where To Watch For The Bounce
Portfolio Pulse from Melanie Schaffer
NVIDIA Corporation (NASDAQ:NVDA) stock fell after forming a bearish triple top pattern at the new all-time high of $480.88. The retracement from all-time highs was likely because Nvidia’s relative strength index (RSI) was trending above 70%, which put the stock into overbought territory. The stock market also appears to be attempting to price in a hawkish tone from the Fed and that, paired with big tech earnings season, could cause volatility to increase.
July 21, 2023 | 5:22 pm
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NVIDIA's stock fell after forming a bearish triple top pattern at the new all-time high. The stock market is also pricing in a hawkish tone from the Fed, which could increase volatility.
The bearish triple top pattern indicates that the stock has reached a key resistance level and is likely to retrace again. The stock market is also pricing in a hawkish tone from the Fed, which could increase volatility and impact the stock price negatively.
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