Because the 8-day EMA was never reclaimed at the time, price followed the path of least resistance and reached new lows sooner than expected. The September 12, 2022, post also queried whether the gap at $150 would be filled before new lows, but recognized that the 8-day EMA would have to be conquered first.

NVDA’s new lows materialized quickly in September 2022 as equity markets plummeted to new YTD lows.

On September 12, 2022, NVDA’s downtrend was discussed, and new lows were predicted. 50 retracement of the most recent leg of the bear market’s decline, and $16 In the event $147.45 is cleared by a daily close, one may consider even higher targets, such as $156.10, which is the. This target does not appear likely to be exceeded in the near term. This area also coincides with the orange VWAP anchored to early August 2022 peaks. If lower targets are cleared, the next higher targets would be $147.45, which represents a major gap fill area and a Fibonacci retracement level.Only if the 21-day EMA and the September 1, 2022, anchored VWAP (purple line) from the gap on September 1, 2022, can be cleared does it make sense to consider the higher targets.The bear rally should initially reach targets of $133.32, the 21-day EMA as of October 4, 2022, and $140.31–$141.98, a partial gap fill area and the top of the long shadow on the daily candle for Septemand July 2022 support (now resistance).

Until that structure changes on higher time frames, such as daily and weekly time frames, the trend remains down. One must presume at the outset that the rally is a bear rally given the bearish trend structure.NVDA faces an uphill battle for its bear rally with a great deal of overhead resistance.Primary Chart: NVDA’s Downtrend Represented by Parallel Channel with Key Levels

Nvda stock price after hours