Weakening Patterns: NVDA
NVDA is over-speculated on the short-term and intermediate-term trends. It has minimal support nearby for holding for a position trade. Without retail groups or smaller funds, the price action is weakening at this time. Nvidia doesn't report until May 22 which is very late in the season but for now, it has some minor rotation going on.
If it continues to hold above the black line, then it can pattern out the excessive price gains. This is not a strong sell short opportunity, but it is important to keep an eye on this stock for the next couple of weeks.
Martha Stokes, CMT
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