Bearish on graphics cards as the crypto market goes down
A few things make me bearish on NVDA:
1. It just double topped (blue line), and
2. Broke down from its long term ascending channel (yellow line),
3. Broke below the Ichimoku cloud, lagging span about to confirm.
4. Overextended bull run from April 2017
5. Smart money index showing a decrease even with increasing price, and then eventually with decreasing price, broke trend
6. Volume has decreased and shifted to the bears (big bear node on KVO)
7. Positive trend on OBV has been broken
The target is somewhere near the 0.786 retracement. Channel breakdown suggests that's where it's going. If the whole stock market tanks, I expect it to go lower.
1. It just double topped (blue line), and
2. Broke down from its long term ascending channel (yellow line),
3. Broke below the Ichimoku cloud, lagging span about to confirm.
4. Overextended bull run from April 2017
5. Smart money index showing a decrease even with increasing price, and then eventually with decreasing price, broke trend
6. Volume has decreased and shifted to the bears (big bear node on KVO)
7. Positive trend on OBV has been broken
The target is somewhere near the 0.786 retracement. Channel breakdown suggests that's where it's going. If the whole stock market tanks, I expect it to go lower.
Comment:
will keep watching this...absolutely shocking.