Nvidia Pops Higher Within Bear Flag Pattern: Is The Chipmaker Heading Below $400?
Portfolio Pulse from Melanie Schaffer
Nvidia Corporation (NASDAQ:NVDA) hinted at DLSS 10 delivering full neural rendering, causing a slight increase in its stock price. However, the company is settling into a possible bear flag pattern on the daily chart, suggesting a potential drop in stock price. The AXS 1.25x NVDA Bear Daily ETF (NASDAQ:NVDS) is a leveraged ETF that tracks 125% of the opposite daily performance of NVDA, offering a way to play Nvidia bearishly.
September 25, 2023 | 5:13 pm
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POSITIVE IMPACT
The AXS 1.25x NVDA Bear Daily ETF (NASDAQ:NVDS) offers a way to play Nvidia bearishly, tracking 125% of the opposite daily performance of NVDA.
If Nvidia's stock price drops, the NVDS ETF, which tracks 125% of the opposite daily performance of NVDA, could see gains.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Nvidia's stock price may drop due to a possible bear flag pattern on the daily chart.
The bear flag pattern, along with the lower-than-average volume of the recent price increase, suggests that Nvidia's stock price may drop in the short term.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100