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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 $194.12 and $196.35 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.

Nvidia Corp (NASDAQ:NVDA) has potential upside of 40.8% based on a current price of $196.21 and analysts' consensus price target of $276.28. The stock should discover initial support at its 50-day moving average (MA) of $172.91 and subsequent support at its 200-day MA of $164.37.

In the past 52 weeks, Nvidia Corp share prices have been bracketed by a low of $124.46 and a high of $249.88 and closed yesterday at $196.21, 58% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.3%.

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.

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 am inside day candle nvidia corp

Ticker(s): NVDA