Technical Update - Nvdia, Meta and Amazon: Correction time but how deep? Technical Update - Nvdia, Meta and Amazon: Correction time but how deep? Technical Update - Nvdia, Meta and Amazon: Correction time but how deep?

Technical Update - Nvdia, Meta and Amazon: Correction time but how deep?

Equities 3 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Nvidia bullish trend seems to be exhausting 600 could initiate A close below 600 could fuel a corrective sell-off .

A Doji Evening like top and reversal like pattern has been formed (although the candle yesterday ideally should be a more bearish candle). However, combined with RSI divergence Nvidia could be hit with a correction over the next few days and weeks.

How big a correction is hard to say but a 0.382 retracement at around 573 should be minimum, but a bearish correction down to the 0.618 retracement at 535 should not be ruled out.

A close above 634,95 will demolish the bearish scenario resulting in an extension of the bullish trend.

Source all charts and data: Saxo Group

Meta Platforms a correction could be unfolding. Possibly down to test its lower rising trendline but a test of support at around 361.90 should not be ruled out.
If breaking below 361 further selling down to around 345 could be seen.
If RSI is closing below its rising trendline the above mentioned corrective scenario is quite likely to unfold.

Amazon correction is unfolding. How deep it will be is a bit up in the air. Daily and weekly could be giving mixed signals.
Short-term there is support around 154 but a dip down to around 159.12 seems quite likely.

However, if Amazon is closing the weekly i.e., Today Amazon is open higher and a closed above 161.75 could fuel another rally towards all-tie high at around 188.65

Author is holding position in Meta and Amzon

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