Nvidia’s Stock Reaches Crossroads At Key Fibonacci Price Level
Nvidia's stock has reached a key Fibonacci price level, which could indicate a potential double top. The Relative Strength Indicator (RSI) also suggests a double top formation. The stock may either break out to new highs or experience a decisive decline. Further market action will determine the next move.
Nvidia has been a lightning rod of attention as it surged to parabolic highs over the past several weeks.
This surge also helped lead semiconductors stocks higher, along with the Nasdaq Indices.
So what’s next for this high-flier?
Below 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 to new highs.
Will price action turn lower in a decisive fashion from here? Or will price break out for another leg higher? Stay tuned!
$NVDA Nvidia “weekly” Stock Chart
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