Market Leader Nvidia Struggling at Key Fibonacci Resistance
Chris Kimble | Dec 01, 2023 20:59
Technology stocks have led the market higher for nearly 2 decades. Semiconductors have been a big part of that leadership.
And the leader of all leaders, NVIDIA Corporation (NASDAQ:NVDA) has helped the Nasdaq soar over the past year.
But its leadership has come into question of late is Nvidia’s stock price stalling out at a key price level?
Today we look at a “weekly” chart of Nvidia and highlight a critically important resistance level.
As you can see, Nvidia’s rally stalled out at the 1.61 Fibonacci extension level at (1) and continues to struggle with this Fibonacci level, bumping up against it a few times over the past four months.
Will this pattern result in a major price top or will Nvidia (NVDA) be able to break out above this key Fib level?
How NVDA resolves this resistance will send a critical message to the technology sector and broad market.
Keep in Mind, Should NVDA break out? Super Bullish Message.
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