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Possible Bearish Inside Day Candle Pattern Detected for Nvidia Corp (NASDAQ:NVDA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nvidia Corp (NASDAQ:NVDA) based on the price action in the company's shares. Today's price range of $194.12 and $196.35 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Nvidia Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

NVIDIA Corporation operates as a visual computing company worldwide. It operates in two segments, GPU and Tegra Processor. The GPU segment offers processors, which include GeForce for PC gaming and mainstream PCs; GeForce NOW for cloud-based game-streaming service; Quadro for design professionals working in computer-aided design, video editing, special effects, and other creative applications; Tesla for artificial intelligence (AI) utilizing deep learning, accelerated computing, and general purpose computing; GRID, which provides power of NVIDIA graphics through the cloud and datacenters; DGX for AI scientists, researchers, and developers; and cryptocurrency-specific graphics processing units.

In the past 52 weeks, shares of Nvidia Corp have traded between a low of $124.46 and a high of $249.88 and are now at $196.21, which is 58% above that low price. The 200-day and 50-day moving averages have moved 0.53% higher and 1.10% higher over the past week, respectively.

Nvidia Corp has overhead space with shares priced $196.21, or 29.0% below the average consensus analyst price target of $276.28. The stock should discover initial support at its 50-day moving average (MA) of $172.07 and subsequent support at its 200-day MA of $164.07.

SmarTrend is tracking the current trend status for Nvidia Corp and will alert subscribers who have NVDA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle nvidia corp

Ticker(s): NVDA