From the Market Ear:
Is Nvidia’s great bull run over?
Nvidia’s slide continues as the market props up other tech giants. While Apple hit $251 on Monday, boasting a $3.8 trillion market cap, Nvidia tumbled 1.7% to $132—down 11% from its November highs. Adding insult to injury, Broadcom, another chipmaker, soared 11% to $250, ripping 46% higher in a week and now sitting at a $1.16 trillion market cap. Jensen Huang can’t be happy.
Breaking bad
NVDA is trading well below the 50 day moving average, and it closed below the short-term trend line yesterday. The 100 day comes in just below the $130 support. Note we could be seeing the head and shoulders formation “triggered”. The medium-term technical price target of that HS would imply $120, just around where the 200-day moving average comes in.
