Nvidia (NASDAQ:NVDA) has been a lightning rod of attention as it surged to parabolic highs over the past several weeks.
This surge also helped lead semiconductors stocks higher, along with the Nasdaq Indices.
So what’s next for this high-flier?
Above is a “weekly” chart of Nvidia (NVDA) highlighting its steep advance.
As you can see, NVDA surged to its 361% Fibonacci extension level before stalling out.
Two long wicks produced at this key Fibonacci resistance level could be hinting at a double top as the Relative Strength Indicator (RSI) could also be making a double top.
We will have to wait to see if there is any follow-through selling. If not, NVDA could break out of this pattern and reach new highs.
Will price action turn lower in a decisive fashion from here? Or will the price break out for another leg higher? Stay tuned!