NVDA to breakout downside (weekly RSI over 90)

Mar 12

tradingview.com/chart/Z2cOHiOR/?symbol=NASDAQ:NVDA
As you can see NVDA weekly RSI is over 90 indicating overbought
FOMO traders also buying NVDA against todays CPI data. Sudden drop in daily volume also indicates bulls becoming weaker.

Mar 12

Note

last 2 times if i want you to see weekly RSI over 85 was once when it reach all time high during COVID pandemic and 2nd time it was over 80 when it fell from $500 to $396 last summer. Its Over 90 this time.

Mar 12

Note

On Hourly Time frame, 8th march was day when RSI was over 90 and made Fell from all time high to around $845 level making -10% move in span of 2 days. we should not solely focus on 1 indicator alone but it can give us a market sentiments or an edge.