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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 $216.75 and $220.69 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.

There is potential upside of 27.3% for shares of Nvidia Corp based on a current price of $217.00 and an average consensus analyst price target of $276.28. The stock should find initial support at its 50-day moving average (MA) of $195.07 and further support at its 200-day MA of $173.06.

In the past 52 weeks, Nvidia Corp share prices have been bracketed by a low of $124.46 and a high of $221.41 and closed yesterday at $217.00, 74% 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 1.1%.

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.

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