$NVDA Rising Wedge and Short Targets

Sep 5, 2023

NVDA is forming a bearish rising wedge and with September just starting (also the worst month for technology/Nasdaq listed equities), I believe NVDA is heading lower.

Similar to my SPY analysis, QQQ also performs the worst out of any month in September as per seasonality data.

With a rate hike potentially around the corner this month coupled with NVDA currently trading at 113 (or so) P/E and being a 'high beta' stock, I believe it will correct down to $465 area first.

Note : I am not bearish long term, I just see some catalysts working as a bearish trend change.

Sep 6, 2023

Trade closed: target reached

Target Hit !

Sep 11, 2023

Trade closed: target reached

Target 2 Hit !

Both 50 SMA + 200 EMA Targets hit...