Nvidia (NVDA) Poor Technicals & Relative Strength – June 25th, 2019
Bearish – NVDA $152.66 – Technology
The bearish DailyPlay we chose for Tuesday, June 25th is Nvidia (NVDA). NVDA is part of the Technology Sector (XLK). XLK has rallied 7.07% higher over the past month and its 1m and 6m trend turned bullish on June 7th but has failed to print new highs and bounced off its $79 resistance level.
Nvidia’s 1m and 6m trend turned neutral and bearish on June 17th and recently bounced lower off its $157.50 resistance level with weak moneyflow. With a technical score of 5 (out of 10), NVDA is a neutral stock that is starting to turn lower.
As a stop loss, if NVDA was to trade above $157.50 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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