Uptrend broken, reversal imminent
Unless NVDA closes clearly above 810 today a major correction seems very likely.
Yesterday, a 33 bars (49 days) upwards trend line had been broken and prices returned into the inside of the long term channel.
Although RSI cooled down a little, the stock still remains overbought.
In my opinion, what we see here is the beginning of a secondary trend against the primary uptrend.
Possible price targets / turnaround points are at the previous trend lines:
~680
~650
~620
Please share your thoughts :)
Yesterday, a 33 bars (49 days) upwards trend line had been broken and prices returned into the inside of the long term channel.
Although RSI cooled down a little, the stock still remains overbought.
In my opinion, what we see here is the beginning of a secondary trend against the primary uptrend.
Possible price targets / turnaround points are at the previous trend lines:
~680
~650
~620
Please share your thoughts :)
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