Tech Stock Forms An Inverse Pattern Bulls Will Love
Bulls will be pleased to see the kind of chart we are seeing from one of the world’s most well-known chip makers out there, Nvidia (NVDA). After several weeks of leading the stampede, it looks like NVDA may be looking to retest a former support level before doing one of two things.
Obviously, from here the stock can either rise higher or descend lower if the rally fizzles out in any real way. However, the pattern we examine in the video gives us major clues as to what the stock may do next, somewhat dependent on what the rest of the market is doing.
This pattern is a common one and one we have come across before, but with one major difference. This pattern, while usually bearish in nature, is actually the bullish sister to the pattern we have seen before. Keep your eyes out on a true breakout of this pattern and watch the video so you know which level is the one to keep on watch.
These patterns may not look like much to the untrained eye at first glance, but you have to remember there are countless traders out there that are looking at the same charts and mostly seeing the same patterns. When traders recognize these patterns they then trade off of them, making these patterns somewhat of a self-fulfilling prophecy.
This is precisely what The Profit Machine is all about. Training those untrained eyes to see, not just bars on charts and fancy patterns formed by a grouping of them, but to get in the minds of the other traders in the market to better understand how these patterns cause others to behave. The market is made up of these other players, either big or small, and they are all acting on signals the market is sending them.
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