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Is Nvidia’s Stock Price Forming Monster Bearish Reversal Pattern?

By Chris KimbleStock MarketsSep 18, 2023 21:09

ng.investing.com/analysis/is-nvidias-stock-price-forming-monster-bearish-reversal-pattern-182258

Is Nvidia’s Stock Price Forming Monster Bearish Reversal Pattern?

By Chris Kimble | Sep 18, 2023 21:09

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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.

NVIDIA-Monthly Chart

NVIDIA-Monthly Chart

“The facts, Ma’am. Just the facts.”

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.

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