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Nvidia Stock Reaches Crossroads at Key Fibonacci Price Level: Breakout in Sight?

Published 03/28/2024, 03:36 AM
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NVDA
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Nvidia (NASDAQ:NVDA) has been a lightning rod of attention as it surged to parabolic highs over the past several weeks.NVDA-Weekly Chart

This surge also helped lead semiconductors stocks higher, along with the Nasdaq Indices.

So what’s next for this high-flier?

Above is a “weekly” chart of Nvidia (NVDA) highlighting its steep advance.

As you can see, NVDA surged to its 361% Fibonacci extension level before stalling out.

Two long wicks produced at this key Fibonacci resistance level could be hinting at a double top as the Relative Strength Indicator (RSI) could also be making a double top.

We will have to wait to see if there is any follow-through selling. If not, NVDA could break out of this pattern and reach new highs.

Will price action turn lower in a decisive fashion from here? Or will the price break out for another leg higher? Stay tuned!

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