- Nvidia experienced a significant drop in stock price at the start of the week, declining by 2.60%.
- Despite recent market volatility, Nvidia’s year-to-date stock performance boasts an impressive 197% increase.
NVIDIA Corp’s NVDA week got off to a rough start, with a significant drop in stock price of 2.60%.
This decline was not unexpected, as the days leading up to it already showed signs of potential trouble.
From August 24th onwards, the stock continued its downward trend, ultimately ending the week with a 12% decline from its high.
Interestingly, the recent decline was triggered shortly after the stock price reached the $500 mark.
This number holds more significance than meets the eye, representing a psychological threshold.
Many investors viewed this price as too high, considering the stock to be overvalued at this level. This collective sentiment likely hindered buyers from pushing the stock price beyond this point.
However, the stock market is inherently unpredictable. Despite the prevailing bearish sentiment at the beginning of the week, Nvidia’s stock demonstrated remarkable resilience.
Instead of succumbing to downward pressure, the stock gained momentum and bounced back. By the end of Monday’s trading day, it recovered from the initial slump and closed nearly 3% higher than the opening price.
While accurately predicting the precise movements of the stock market can be challenging, certain indicators offer valuable insights.
One such indicator to consider is the recent low recorded on August 14th, which hovers around the $400 mark.
Should the stock price breach this level, it may potentially signify an imminent period of further decline.
However, it is essential to note that, at present, Nvidia’s stock exhibits a pattern characterized by higher highs and higher lows, a classic hallmark of a bullish trend.
In terms of perspective, despite the recent fluctuations, Nvidia’s stock performance remains remarkably impressive.
The company has experienced a remarkable growth of 197% year-to-date, clearly demonstrating its ability to inspire confidence and potentially reach the $500 mark once more.
Whether it encounters short-term volatility or experiences long-term growth, Nvidia’s journey in the stock market is undeniably one worth observing.
After the closing bell on Monday, September 18, the stock closed at $439.66, trading up by 0.16%.
Image and article originally from www.benzinga.com. Read the original article here.