NVIDIA (NVDA) – Bearish DailyPlay for Wednesday, Jan 23rd, 2019
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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