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Blue lines- Fibonacci retracements
Black lines- RSI bearish divergence
NVDA stock price remains in a bullish trend as it continues making higher highs and higher lows. NVDA stock price made an important low in October and is rising since then. However in the near term despite the higher highs in price, the RSI has provided us with bearish divergence signals. Price is currently making a new higher high at $174.09 but the RSI is not following. This bearish divergence is an important warning traders should not ignore. The up trend is weakening and there are increased chances of a reversal and a pull back. This is not a good time buying NVDA stocks. Key support is found at the latest higher low at $157.64. A break below this level will confirm the trend change.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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