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Back on August 28th, we wrote a post on NVIDIA Corporation (NASDAQ:NVDA) stock hitting its 161% Fibonacci extension level.
Today we turn to Joe Friday and provide an update on that pattern.
As you can see, Nvidia closed in August right at its 161% Fibonacci extension level. And this month, NVDA has declined sharply.
Should further weakness take place at (1), it has the potential to close out the month with a bearish reversal and a bearish engulfing pattern.
Nvidia is unquestionably an important tech leader. And what this tech mother ship does at (1), should be important. Stay tuned.