The bearish DailyPlay we chose for Wednesday, Jan 23rd is NVIDIA (NVDA). NVDA is part of the Technology Sector (XLK). Over the last month, XLK has experienced a 2.90% move higher but its 6m trend has turned bearish yesterday and recently bounced lower off its $66 resistance level.
NVIDIA’s 6m trends turned bearish yesterday and recently bounced lower off its $160 resistance level. With a technical score of 2 (out of 10), NVDA is a bearish stock that will likely continue lower.
As a stop loss, if NVDA was to trade above $160 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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