Big technology stocks have moved sideways for the last month. Now there could be some important levels for names like Nvidia as investors digest today’s higher-than-expected inflation report.
The main pattern on today’s chart is the March 11 low of $841.66. This level has provided support since the chip giant’s peak on March 8. (It’s also a weekly low.) Closing below it could make traders think about a test of the post-earnings gap on February 22.
MACD has also been falling since mid-March. That could suggest direction has been turning more negative.
At least two other AI-themed stocks may face similar predicaments.
First, NASDAQ:SMCI Super Micro Computer formed a tight range above its March 20 low and a falling trendline. Traders may next eye the February 20 low of $692.50 as potential support.
Second, NASDAQ:AMD Advanced Micro Devices has pushed toward its low from February 21. Traders may next eye around $149, the high in late December and early January before the stock broke out to new record territory.
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yup expecting a correction after a very bullish chart
hirsijemo
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amazing charts
basictradingtv
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well, to be honest all of these smicon stocks are ready for a correction imo and the reversal bars you pointed out are very bearish👍
Trendactionz
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big money didnt want to flow in again, they wait and see economy strategic decision in priority. at otherside hedge funds are ready to cover they long positions to swap products / short sell
gizzi11
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Great analysis! Thanks
Chad_McDeid
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Clean work!
toliceek
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We are not gonna se 730 ever, this is up only stock. Sorry.