What to trade on May 9-13?
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
Stock market: Nvidia may turn down
2019-11-11 • Updated
Trade idea
SELL 170.70; TP1 165.25; TP2 160.80
The stock of Nvidia retraced about 40% of the 2018 decline but met resistance in the 193 area. This month the price formed a lower high at 185, so the pattern resembles a “Head and Shoulders”. Yesterday the stock closed below the 50-day MA in the 176.20 area. The decline below 172.00 will confirm a downturn. Targets may lie at 165.25 (February highs) and 160.80 (100-day MA).
Notice that fundamentally the stock of chipmaker is vulnerable to the escalation in the US-Sino trade tensions.
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