$NVDA is still trading below the kumo (bearish).
There’s a small doji form from yesterday, and currently price may break the support from Chikou Span at $14.31
I am short NVDA with a target price of $12.50
$NVDA has officially breakdown from the kumo support.
We can see 3 signals aligned from the Ichimoku chart:
1. A bearish cross from the Tenkan sen and Kijun sen
2. Pierce through kumo support
3. Leading kumo is about to twist; confirming the change in trend.
The cause of it? It was reported that Apple is cutting back on the use of NVDA chips in Mac as they faced supply issues.
Follow up post on $NVDA bearish signal on Feb 29
$NVDA continue its way down and is sitting on right on the kumo support.
However, the kumo support is thin for $NVDA and it is likely to pierce through it easily.
Target price : $11.50