So what does it mean now that NVDA made a new low for 2022 this week?įirst, let's review how 2022 has played out for this stock, and use a "measured move" technique to identify potential downside targets.Īfter NVDA bottomed out in January around $210, the stock spent the next three months fluctuating between 210 as support and 270-290 as resistance. This consolidation period, indicated with purple trend lines, could be called a rectangle pattern and indicates a market in equilibrium. (NVDA) to make a new high in January, while the S&P 500 did so, suggested caution and limited upside, which proved prescient. I find semiconductors to be an important group to watch, given that they essentially provide the "backbone" to our modern information economy. Pretty much every product we use at this point has a chip involved, so if chip makers are doing well, then I can assume the economy is doing just fine.
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