Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Nvidia Stock Reaches Crossroads at Key Fibonacci Price Level: Breakout in Sight?

Published 03/28/2024, 03:33 PM
NDX
-
NVDA
-

Nvidia (NASDAQ:NVDA) has been a lightning rod of attention as it surged to parabolic highs over the past several weeks.NVDA-Weekly Chart

This surge also helped lead semiconductors stocks higher, along with the Nasdaq Indices.

So what’s next for this high-flier?

Above is a “weekly” chart of Nvidia (NVDA) highlighting its steep advance.

As you can see, NVDA surged to its 361% Fibonacci extension level before stalling out.

Two long wicks produced at this key Fibonacci resistance level could be hinting at a double top as the Relative Strength Indicator (RSI) could also be making a double top.

We will have to wait to see if there is any follow-through selling. If not, NVDA could break out of this pattern and reach new highs.

Will price action turn lower in a decisive fashion from here? Or will the price break out for another leg higher? Stay tuned!

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.