NVDA Rising Wedge / Ultra High Volume Resistance Level

Mar 24, 2023NVDA is having trouble getting back to the initial overbought trendline on the ascending channel it has been in for all of 2023, resulting in the formation of a bearish rising wedge formation.

It has run into heavy selling at the lower range of the highest volume trading day of the past 2+ years (11/04/2021). This level is marked by a purple rectangle.

We may break above, temporarily, but the 271.18 level is one to watch for rejection back to the lower gold trendline, and possibly beyond.

Further weakness in the overall market will only add to the pressure at these levels.