NVDA BEARISH PUSH NVIDIA has started a downtrend after a good growth and a bullish trend .
On a daily chart is forming bigger bearish formation candles.
First target is around 261. 05 -
Nice run up to earnings , however, extremely overbought and looking ripe for a correction. A correction would actually be more bullish in the long term. Watching for 261 but wouldn’t be surprised to see 200 in the next few months.
Currently, price is bouncing sideway between the SR zones. We still don’t know if price has done with the correction and the downside move, or it still wants to drop further.
Since price could not make a higher high and has made a lower high:
If the support zone around $290 broken out to the downside, there is a high probability of more drop towards the next support zone around $260
On the other hand, price has been pushed to the upside from the first support zone and could not make a lower low:
We can see the upside pressure and if price breaks the resistance zone around $307 and makes a higher high and fixes above this level, we can expect more rise towards the last major high at $323 and in the case of an upside breakout on this level, the next possible target would be around $365
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