Stock Markets Analysis and Opinion
Nvidia Stock Looks to Break Above Fibonacci Resistance
2023.08.28 06:10
Today we discuss one of the technology sector’s darlings. It’s a market leader and a high-flier: NVIDIA (NASDAQ:).
The stock price recently surged after the company hit a home run with its recent announcement.
But something important seems to be jumping out at me on Nvidia’s “weekly” stock chart.
We can see that high-flying Nvidia (NVDA) has now been flat for the past 7-weeks, which is hard to believe considering the earnings jump.
So what gives? Well, this sideways action is taking place at the 161% Fibonacci price level at (1). This area (+/-) will continue to serve as resistance until it isn’t.
In my humble opinion, it is important to watch what this market leader does at (1) over the next few weeks. Breakout or stall out?
