Is Nvidia Rolling Over?
Nvidia had a sharp countertrend rally two weeks ago, but now the chip giant may be rolling over.
Prices jumped over $183 on May 27. They remained above that level and started making lower highs on June 2. That kind of descending triangle is a potential bearish continuation pattern, which was broken to the downside yesterday.
Second, this month’s high was slightly lower than May’s. That’s consistent with a downtrend.
Next, stochastics reached an overbought condition on the last bounce. That could also make traders think its near-term trajectory is lower.
NVDA additionally slipped back under its 21-day exponential moving average (EMA), which may indicate its short-term trend is turning bearish again.
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Prices jumped over $183 on May 27. They remained above that level and started making lower highs on June 2. That kind of descending triangle is a potential bearish continuation pattern, which was broken to the downside yesterday.
Second, this month’s high was slightly lower than May’s. That’s consistent with a downtrend.
Next, stochastics reached an overbought condition on the last bounce. That could also make traders think its near-term trajectory is lower.
NVDA additionally slipped back under its 21-day exponential moving average (EMA), which may indicate its short-term trend is turning bearish again.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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