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NVIDIA Breaks Key Support: H&S Pattern Targets $116.10

NVDA just broke the $131.80 support zone, acting as the neckline for a head and shoulders pattern. Default targets for this pattern are now projected at $116.10, aligning with the 200% Fibonacci extension level and a convergence cluster of Fibonacci levels.

With the bearish butterfly pattern failing by just a few points, a further correction seems likely. As we approach the holiday season, watch for a potential upward trendline support below the convergence cluster—could this be the calm before a deeper dip?

NVIDIA (NVDA) broke the $131.80 support zone.
Default targets for this pattern are now projected at $116.10,.
As we near the holiday season, watch for a possible ascending trendline support below the convergence cluster, which could signal a reversal or continued downside.

Andre_Cardoso

I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.