Stock Markets Analysis and Opinion
Is Nvidia’s Stock Price Forming Monster Bearish Reversal Pattern?
2023.09.18 16:40
Back on August 28th, we wrote a on NVIDIA Corporation (NASDAQ:) stock hitting its 161% Fibonacci extension level.
Today we turn to Joe Friday and provide an update on that pattern.
NVIDIA-Monthly Chart
“The facts, Ma’am. Just the facts.”
As you can see, Nvidia closed in August right at its 161% Fibonacci extension level. And this month, NVDA has declined sharply.
Should further weakness take place at (1), it has the potential to close out the month with a bearish reversal and a bearish engulfing pattern.
Nvidia is unquestionably an important tech leader. And what this tech mother ship does at (1), should be important. Stay tuned.
