Nvidia Chart Watchers Brace for More Pain With Dip Buyers at Bay
- Nvidia stock is well below its 200-day moving average
- A turning trend line could spell further downside for shares
Nvidia is responsible for more than 30% of the Nasdaq’s decline this year.
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The selloff that’s hammered Nvidia Corp. shares over the past month has market technicians tracking a key momentum indicator for signs of more trouble ahead.
Chart watchers are fixated on the 200-day moving average, a measure of long term-momentum that was breached in January for the first time in more than two years. While Nvidia rose modestly on Tuesday, with the stock now trading well below the gauge, market professionals are fixated on the trajectory of the moving average.