For the short term, expect more upwards movement while price remains above 284.17.

Summary: There is enough weakness at the all time high and in this upwards movement, and strength in prior downwards movement, to indicate a high risk that NVDA may move into a bear market.

MONTHLY CHART

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The prior bull market reached very extreme and there exhibited strong triple bearish divergence between price and RSI, after RSI reached deeply overbought. Risk that price moves into a bear market is possible here. There is strength in downwards movement for March.

WEEKLY CHART

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Although upwards movement does look a little weak, the overall picture is unclear at this time frame.

DAILY CHART

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If the last gap remains open at 284.17, then the short-term picture may remain bullish.

Upwards movement lacks range and support from volume. It looks more clearly weak at this time frame. This bounce may be a counter trend movement.

Watch On Balance Volume for a breakout.

Published @ 06:45 p.m. EST.

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1. Always trade with stops.

2. Risk only 1-5% of equity on any one trade.

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New updates to this analysis are in bold.