NVDA closes lower for the 2nd day in a row


NVIDIA Corporation (NVDA) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
NVDA finds buyers at key support level
NVDA pushes through 20-day moving average
NVDA finds support at 20-day moving average
NVDA closes lower for the 2nd day in a row
NVDA stuck within tight trading range
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, NVDA finished Monday at 231.49 edging lower $0.01 (-0.0%) on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for NVDA
Volatility

Monday's trading range was $5.08 (2.19%), that's below last trading month's daily average range of $10.33. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 227.72 and 237.51 which it has been in now for the last three days.

Support/Resistance

After trading as low as 227.72 during the day, the share bounced off the key support level at 229.00. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 237.51. After trading as low as 227.72 during the day, NVIDIA found support at the 20-day moving average at 230.62.

Trend

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The stock managed to break above the 20-day moving average at 230.62 today for the first time since April 12th.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 237.51 where further buy stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for NVIDIA Corporation
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Bounce off SMA 50 TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Low close to previous low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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