Nvidia Stock Price Reverses Lower From Important Fibonacci Level
NVDA
-1.12%
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NVIDIA’s (NASDAQ:NVDA) 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.
