Nvidia shares are down about 3% today after surging 5.79% yesterday, a move that highlights just how volatile the stock has been near its all-time highs. The rebound yesterday followed several weeks of sharp declines, giving traders a brief sense of relief and tilting the short-term bias back to the upside.
However, today’s gap lower has quickly shifted momentum again, tilting the bias back to the downside — though there’s still some “work to do” before sellers can fully take control. The conflicting signals reflect the market’s ongoing struggle to define direction at these elevated levels.
In the video above, I walk through the short-term technical picture for Nvidia, outlining the key levels driving the action and what the roadmap looks like from here. I’ll show what further selling would mean for extending the bearish bias, and what buyers would need to do to re-establish upside momentum.
For other views on the moves in the stocks click on the following posts:
I’m not the only one feeling this way
A reminder about the last time SoftBank sold its Nvidia stake
Tech sector cools as energy gains momentum, Nvidia leads declines
This article was written by Greg Michalowski at investinglive.com.