Solid News

Nvidia Corp., Technical Analysis

8/10/2022 12:23 PM

The shares of Nvidia Corp., an American GPU developer, are on a corrective downtrend around 151.00.

On the daily chart of the asset, a global downward channel is developing with dynamic boundaries of 130.00–200.00. At the moment, the price has reached the range resistance line, approaching the 38.2% Fibonacci underlying retracement at 195.00 but failed to consolidate there and retreated.

On the four-hour chart, a local downward correction has broken back the initial correction of 23.6% by Fibonacci around 175.00, which is quite rare.

Prospects for continued growth remain quite high, as indicated by technical indicators that hold a buy signal: indicator Alligator’s EMAs are above the signal line, and the AO oscillator histogram is forming bars in the buy zone.

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