Nvidia Stock Price Reverses Lower From Important Fibonacci Level

[Pelican Press 0]

Nvidia Stock Price Reverses Lower From Important Fibonacci Level

NVIDIA’s (NASDAQ:) stock price surged last week, reaching an important Fibonacci extension level (361.8).

The rally has been unprecedented. Nvidia (NVDA) is a large-cap tech stock and its price has doubled in just 9 weeks.

Nvidia Weekly Chart

But something happened last week. Nvidia’s formed a bearish reversal candle on the weekly chart. See chart above.

This is a rare pattern that often times will show up on aggressive/parabolic moves…and often times signals a trading top.

I’m wondering if this will end up being important? Stay tuned.

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[NVIDIA Corporation, NVIDIA Corp, GOLDMAN SACHS INTERNATIONAL Zt 271.02 USD NVIDIA Corp 13Sep19, BNP PARIBAS ARBITRAGE ISSUANCE BV Put NVIDIA CORP 31Dec99
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