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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Nvidia Corp (NASDAQ:NVDA) based on the price action in the company's shares. Yesterday's price range of $184.97 and $188.97 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. Traders and investors interested in shares of Nvidia Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Nvidia Corp share prices have moved between a 52-week high of $292.76 and a 52-week low of $124.46 and closed yesterday at 51% above that low price at $188.21 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has slid 0.4%.

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 (NASDAQ:NVDA) has potential upside of 46.8% based on a current price of $188.21 and analysts' consensus price target of $276.28. Nvidia Corp shares should encounter resistance at the 200-day moving average (MA) of $202.05 and support at the 50-day MA of $167.82.

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: bullish am inside day candle nvidia corp

Ticker(s): NVDA