Nvidia Lower High (77 Next Target)Yesterday the Nvidia stock (NVDA) produced another lower high, this is the fourth one in a row. This simple signal predicts lower prices.
This lower high is coupled with decreasing volume. Trading volume has been dropping since early March 2024, more than six months.
The main low after the last All-Time High was hit 5-August. Since we have a lower high on the pull-back, this implies that a lower low follows next.
We can use several methods to extract some targets but based on Fibonacci retracement, the next relevant support level stands at 77. If the drop is weak, we can use a range between 83-77 as support. If the drop is strong, we can consider the next Fib. retracement level and that is 0.786 at 61.
➢ The main support range for the incoming drop sits between 77 and 61.
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