FX.co ★ Technical analysis of Nvidia for September 19, 2023

Nvidia has rallied nicely since its IPO back in 2000 and has just tested the upper resistance line of the pitchfork that has defined the rally since 2000. This calls for a period of consolidation and likely a dip close to 358 in the weeks/months ahead before a new all-time high should be expected.

During the last rally from 108 to 502 we have seen the RSI diverge, also indicating a possible top and consolidation/correction in the near term. This consolidation/correction has now begun and we should be looking for a decline towards support near 358.