The daily Nvidia Corporation (NVDA) chart updates its action.
On 05/28/24 NVDA made a new all-time high at 1,149.39 very close to major Fibonacci resistance at 1,157.70. It is also close to a rising trendline connecting the peaks made in October 2018 and November 2021. Please see the 05/25/24 blog “Nvidia Nears Major Resistance at 1157.”
Daily MACD – Histogram and lines continue to rise which implies still higher prices. A flattening of the Histogram and lines could indicate a significant price top.
NVDA was also the only one of the “Magnificent Seven” stocks to make a new all-time high.
The Nasdaq Composite made a new all-time high unconfirmed by the S&P 500 and the Dow Jones Industrial Average – a bearish “Rule of the Majority” signal.
Watch NVDA, it could soon make a major top in the area of the long-term rising trendline and Fibonacci resistance.
This event could herald a multi-month decline for U.S stocks.
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