NVDA: Technical Analysis | Charts – April 23, 2020
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.
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.
Although upwards movement does look a little weak, the overall picture is unclear at this time frame.
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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