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Today, we’re diving into the world of A.I.-darling Nvidia and exploring some key downside targets to consider. While the first half of 2024 saw stocks like Nvidia Corp. (NVDA) soaring to new heights on the back of the A.I. frenzy, recent chart patterns are hinting at a potential shift in sentiment.
On the short-term chart of NVDA, we’re seeing bearish engulfing patterns emerge, indicating a possible reversal in sentiment and a pullback from recent highs. As the stock hovers around $120, investors are closely watching for signs of a further retracement from the long-term uptrend.
If Nvidia breaks below the $120 support level, the next downside target could be around $100. This level aligns with key Fibonacci retracement levels and moving averages, suggesting a significant correction could be on the horizon. A drop to $100 would mark a nearly 30% decline from recent peaks and could impact broader market indices like the S&P 500 and Nasdaq 100.
However, if Nvidia manages to establish support at current levels and push above previous highs, there could be ample upside potential for this mega-cap semiconductor stock. The charts are sending a cautious signal for the month ahead, so investors may want to tread carefully in August.
At Extreme Investor Network, we’re here to provide you with expert insights and analysis to help you navigate the ever-changing world of investing. Stay tuned for more updates on Nvidia and other top investment opportunities. Remember, the key to successful investing is staying informed and being prepared for any market scenario.
Disclaimer: The information provided is for informational purposes only and does not constitute financial, investment, tax, or legal advice. Before making any financial decisions, we recommend seeking advice from your own financial or investment advisor. Click here for our full disclaimer.