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

By Nick Russo

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 $152.96 and $153.67 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 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 share prices have moved between a 52-week high of $292.76 and a 52-week low of $124.46 and are now trading 23% above that low price at $153.67 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.4% while the 50-day MA has declined 1.9%.

Nvidia Corp has overhead space with shares priced $153.67, or 44.4% below the average consensus analyst price target of $276.28. The stock should find initial resistance at its 50-day moving average (MA) of $163.60 and further resistance at its 200-day MA of $180.93.

SmarTrend is monitoring the recent change of momentum in Nvidia Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Nvidia Corp in search of a potential trend change.

Keywords: bearish inside day candle nvidia corp

Ticker(s): NVDA