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

By Amy Schwartz

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 $312.12 and $313.75 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, shares of Nvidia Corp have traded between a low of $132.60 and a high of $313.75 and are now at $312.37, which is 136% 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 1.5%.

Nvidia Corp (NASDAQ:NVDA) is currently priced 11.6% above its average consensus analyst price target of $276.28. Nvidia Corp shares have support at the 50-day moving average (MA) of $244.58 and additional support at the 200-day MA of $192.03.

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 inside day candle nvidia corp

Ticker(s): NVDA