Technology stocks have lead the market higher for nearly 2 decades. Semiconductors have been a big part of that leadership.
And the leader of all leaders, Nvidia (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 NVDA 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 breakout 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 breakout…Super Bullish Message!
This post was originally written for See It Markets.com. To see the original post, CLICK HERE.
