Good morning Traders!
With the possibilities of AI exciting the market, Nvidia has (briefly) entered the trillion dollar market cap club.
Nvidia
The stock has broken it’s previous all times highs of around the 345 and kept trading higher. The market is currently very overextended from it’s Moving Averages, and I am looking for technical areas on the chart, for the market to potential pullback to.
The first area is the previous all times high which was printed back in November 2021. Drawing the Fibonacci retracement of the latest Daily move, has the 61.8% retracement clustering nicely with area.
The next area is the previous Daily swing high at around the 320 area.
As the market printed a Daily bearish rejection candle for yesterday price action, it may be ready to release some of this very strong buying momentum.
Happy Trading!
