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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. Today's price range of $249.81 and $251.28 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.

In the past 52 weeks, Nvidia Corp share prices have been bracketed by a low of $131.00 and a high of $251.28 and are now at $250.03, 91% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.6%.

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

Nvidia Corp has overhead space with shares priced $250.03, or 9.5% below the average consensus analyst price target of $276.28. Nvidia Corp shares have support at the 50-day moving average (MA) of $221.24 and additional support at the 200-day MA of $183.21.

SmarTrend recommended that subscribers consider buying shares of Nvidia Corp on December 12th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $220.31. Since that recommendation, shares of Nvidia Corp have risen 14.4%. We continue to monitor NVDA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle nvidia corp

Ticker(s): NVDA