On August 28th, we discussed NVIDIA Corporation (NASDAQ:) stock reaching its 161% Fibonacci extension level.
Now, let’s look at an update on that pattern.
NVIDIA-Monthly Chart
“The facts, Ma’am. Just the facts.”
As shown on the chart, Nvidia closed in August right at its 161% Fibonacci extension level. This month, the stock has experienced a sharp decline.
If further weakness occurs at (1), there is a potential for a bearish reversal and a bearish engulfing pattern by the end of the month.
Nvidia is undeniably a significant leader in the tech industry. The actions it takes at (1) will surely be important. Stay tuned for updates.
