Nvidia, the title seems to be breaking a pattern

Monday Shares Nvidia Corporation (NASDAQ: NVDA) Shares of a number of companies in the technology sector agreed to rise; Shares continued to rebound following the recent sell-off caused by the Omigron variant of the Covit-19. NVIDIA stock seemed to be breaking an uptrend on Monday.

At the close of trading on Monday, NVIDIA was up 4.40% at $ 309.45.

read more: Nvidia, record third quarter earnings

Nvidia daily chart analysis

  • It looks like the stock is going to break from what traders call a bullish flag pattern; NVIDIA is facing opposition in the form, and buyers may be prepared for a good move if they continue to enter the stock.
  • The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), indicating that it is experiencing a good mood; Each of these moving averages represents a potential support area in the future.
  • Over the past two weeks, the Relative Strength Index (RSI) has risen to 55, which shows that buyers are now more successful, with NVIDIA seeing more sellers than previous buyers.

What can happen to Nvidia

The stock seemed ready to break a flag shape on Monday, pushing itself upwards. If it continues to break out of shape and move above resistance, it may see a strong bullish move – that is what the bulls expect, followed by another period of coordination, so that the stocks can breathe. On the other hand, bears stock can not overcome this resistance and prefer to start retreating towards the support of the form: a break below the support area of ​​the model may indicate a strong rough thrust. On the way.

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Photo courtesy of Nvidia

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