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Asset Watch
Thursday June 20, 2024
To play it, pay close attention to NVIDIA’s 50-hour moving average (the blue line). The key level has acted as support several times over the last month and a half, and a pullback to the blue line represents a roughly 6% correction. But please note the blue line will keep rising the longer NVIDIA trades above it, so you need to monitor it for changes.
Supporting a short-term pullback, NVIDIA’s hourly RSI peaked on May 28 and has been making lower highs ever since. As a result, the bearish divergence signals decelerating momentum, and when combined with bearish seasonality, may provide the necessary fuel for a pullback to the 50-hour MA.
So, should you practice patience in the days ahead or board the NVIDIA train before it leaves the station?
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