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

By David Diaz

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. Yesterday's price range of $165.64 and $168.22 is within the prior day'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.

In the past 52 weeks, shares of Nvidia Corp have traded between a low of $124.46 and a high of $292.76 and closed yesterday at $165.56, which is 33% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 1.7%.

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software. The Company's products provide interactive 3D graphics to the mainstream personal computer market.

Nvidia Corp has overhead space with shares priced $165.56, or 40.1% below the average consensus analyst price target of $276.28. The stock should hit resistance at its 200-day moving average (MA) of $210.59, as well as support at its 50-day MA of $150.70.

SmarTrend recommended that subscribers consider buying shares of Nvidia Corp on January 14th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $148.62. Since that recommendation, shares of Nvidia Corp have risen 13.5%. We continue to monitor NVDA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle nvidia corp

Ticker(s): NVDA