Stock market: Nvidia may turn down

Stock market: Nvidia may turn down

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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