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.
“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.