NVidia respects round prices

Source: Dukascopy Bank SA


The stock price of the world's top chip producer NVidia has been massively surging throughout this year. The move occurred in a broad channel up pattern. However, this week the pattern was broken, but it occurred to the upside, as the share price has went upwards parabolically. Some argue that the stock price should consolidate its gains by trading sideways or retracing back down.

Meanwhile, it can be clearly observed that the price respects round price levels. They initially act as resistance to the surge. Afterwards, the resistance is broken, before the pair confirms the level as support and resumes the surge.

Most recently, NVidia hit resistance at 700.00. In theory the stock price could either start the possible consolidation or break the 700.00 mark.

A potential decline could look for support in the 630.00 level and the range that is marked near it. Note that the 650.00 level did not act as support or resistance on the daily candle chart. Further below, the 600.00 mark is set to come into play, before the a broader decline to 550.00 occurs.

On the other hand, if the stock gathers strength and manages to surge above 700.00, it would result in NVidia being at all time highs. Most likely pauses of the surge would occur near 750.00 and 800.00.
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