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CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.42% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred.
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CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.42% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred. You should consider whether you understand how CFDs, forex spot transactions or any of our other products work and whether you can afford to take high risk of losing your money.
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Technical Update - Nvidia hit by heavy selling. Can it bounce back?

Technical Update - Nvidia hit by heavy selling. Can it bounce back?

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Nvidia (NVDA) gapped lower yesterday and formed a Hammer like candle (ideally a Hammer has no or a little upper shadow).  IT could be the exhaustion of a sell-off initiated when Nvidia close below 164.78 support.
The Hammer candle indicates a rebound and bottom fishers are likely to try to buy the dip. If the gap is closed i.e., a close above 150.94 is needed next resistance is at 164.78.
However, if buyers fail to close the gap from yesterday, which is quite likely, selling pressure is likely to return meaning a bounce is likely to be short lived.
Daily RSI is below 40 i.e. negative sentiment indicating lower levels are likely (after a possible minor bounce).

Weekly chart shows Nvidia is in a down trend with a consolidation area between 144.50 and 123.00. A spike down to the lower level at 123.00 and the 200 SMA is likely. 
Source: Saxo Group

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