Nvidia just put in a reversal signal on the Daily chart as it hit major resistance.
This semiconductor has been a powerhouse mover and has single handily been lifting the Semis sector higher.
Now that this stock may show some near term sell pressure we could see the sector as a whole pullback.
The only thing that Im being mindful of when it comes to NVDA is that it has yet to report earnings.
As a technical analyst I'm a bit dissatisfied that Nvidia came so close to filling the technical daily gap at 230.46 but never managed to fill it which leads me to think there may be a possibility it has 1 more gasp at a rally to fill the gap before rolling over.
None the less distribution is being observed in a time when yields and dollar may be spiking again.
This semiconductor has been a powerhouse mover and has single handily been lifting the Semis sector higher.
Now that this stock may show some near term sell pressure we could see the sector as a whole pullback.
The only thing that Im being mindful of when it comes to NVDA is that it has yet to report earnings.
As a technical analyst I'm a bit dissatisfied that Nvidia came so close to filling the technical daily gap at 230.46 but never managed to fill it which leads me to think there may be a possibility it has 1 more gasp at a rally to fill the gap before rolling over.
None the less distribution is being observed in a time when yields and dollar may be spiking again.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.