Nvidia is on pace for its worst month in a year, but some dip buyers may see opportunity in the semiconductor giant.

The first pattern on today’s chart is the 100-day simple moving average (SMA). NVDA has been holding that line since Thursday, one session after the Federal Reserve hammered the stock under $410. It was the first test of the SMA since early January, when the shares were under $150. Is the long-term trend still intact?

Second, the current price range is near the lows of late June and mid-August. Intermediate-term support may remain in effect.

Third, a falling trendline marks the decline that began in early September. But NVDA made a lower low on Monday and a higher high. That kind of bullish outside day may suggest that short-term slide is nearing an end.

Finally, stochastics are trying to rebound from an oversold condition.

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