Nvidia panic over?
Nvidia has bounced back today after its recent 16% drop from a record high reached just last Thursday.
For the first time in three days, it has broken above a prior day’s high.
After finding good support from its 21-day exponential moving average around $120, and key support slightly lower at $118, today sees NVDA rise above Monday’s high of $124.45 to trade north of the $125 handle.
If Nvidia can hold onto its gains, ideally above Monday’s high, by the close of play today, then this will bode well for the rest of the week, boosting the appeal of the likes of Nasdaq 100. However, if the gains evaporate later on, then that would be a major warning sign for the bulls/longs.
But so far, it looks like it is resuming its long-term bullish trend after a bit of a pullback in recent days.
By Fawad Razaqzada, market analyst at FOREX.com
For the first time in three days, it has broken above a prior day’s high.
After finding good support from its 21-day exponential moving average around $120, and key support slightly lower at $118, today sees NVDA rise above Monday’s high of $124.45 to trade north of the $125 handle.
If Nvidia can hold onto its gains, ideally above Monday’s high, by the close of play today, then this will bode well for the rest of the week, boosting the appeal of the likes of Nasdaq 100. However, if the gains evaporate later on, then that would be a major warning sign for the bulls/longs.
But so far, it looks like it is resuming its long-term bullish trend after a bit of a pullback in recent days.
By Fawad Razaqzada, market analyst at FOREX.com
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