NVIDIA – Correction mode

The NVIDIA-Share (WKN: 918422) had completed a large inverse head and shoulders reversal formation on January 23rd above the low recorded in October 2022 at USD 108.13. The following dynamic rally pushed the price up to a level on August 24th $502.66 booked All-time high. There she went into the Correction mode above. As part of a second downward wave, it recently reached the rising 100-day line, which coincides with the 23.60% Fibonacci retracement Support cluster represents. So from the current one Stabilization approach A clearer recovery movement will require a daily close above the price gap from September 21st $422.23. If successful, there would be upside potential in the direction $430.92 and $439.00-$454.54. As long as the latter zone is not overcome at the end of the day, a subsequent continuation of the downward correction is to be favored. A slide below the current support $409.80-412.31 would support $395.30-403.11 next activate price target. A sustained breach would break the medium-term uptrend and suggest a significant extension of the correction towards USD 366.35/373.56 and USD 346.47-351.95.

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