Nvidia is pulling back, no prominent reason or news article that could have caused this, that leaves the next possible scenarios:
- NVDA was rated overvalued by many analysts and is now drawing back
- Covid market volatility is causing unpredictable movements
- Upcoming US elections, many worry about the China tension
According to the chart we are close to the first possible support. However if that level doesn't hold, next support line is only around $485.
Yahoo Finance estimates a -21% pullback as an overvalued stock. That leaves us at roughly 418.
eToro estimates a low of $400.
However, the long term outlook is still positive.
Monitor these 4 indicators to look out for a trend reversal and buy the dip as low as you can.
Hit like if you found this helpful.
Thanks, Ev
- NVDA was rated overvalued by many analysts and is now drawing back
- Covid market volatility is causing unpredictable movements
- Upcoming US elections, many worry about the China tension
According to the chart we are close to the first possible support. However if that level doesn't hold, next support line is only around $485.
Yahoo Finance estimates a -21% pullback as an overvalued stock. That leaves us at roughly 418.
eToro estimates a low of $400.
However, the long term outlook is still positive.
Monitor these 4 indicators to look out for a trend reversal and buy the dip as low as you can.
Hit like if you found this helpful.
Thanks, Ev
Comment:
First support level failed, NVDA trading at $518. Weak support on the way down, expect further drawbacks confirmed y RSI and MACD.