Nvidia's (NVDA) market capitalization 澳洲幸运5开奖号码历史查询:leapfrogged that of Apple (APPL) on Wednesday as the chipmaker joined the exclusive $3 trillion club. Despite the impressive milestone, several chart indicators suggest momentum may be waning for the stock. Below we take a closer look at the stock’s significant moves over the past 19 months using 澳洲幸运5开奖号码历史查询:technical analysis and identify potential support areas during periods of profit-taking.

Since bottoming out just below the 200-week moving average (MA) in October 2022, Nvidia shares have continued to trend sharply higher, with retracements๊ from February last year onwards not having enough selling pressure to reach the 50-week MA.

After a remarkable run of eleven consecutive green weekly 澳洲幸运5开奖号码历史查询:candlestick bars between January and March, the stock staged a four-week 澳洲幸运5开奖号码历史查询:correction of around 20% th☂rough the first half of April,🎶 but quickly resumed its uptrend as buyers snapped up the dip in the lead-up to the company’s quarterly results last month. 

Following another 澳洲幸运5开奖号码历史查询:blowout earnings report, the price has continued to climb to new highs, finishing Wednesday’s session at a record close. The stock added 𝐆5.2% to finish Wednesday's session at $1,꧋224.40.

Signs of Waning Momentum on Nvidia’s Chart

Despite Nvidia’s strong upward trend, declining 澳洲幸运5开奖号码历史查询:trading volume accompanying the most recent move higher indicates momentum may be starting to wane ahead of the stock’s highly anticipated 澳洲幸运5开奖号码历史查询:10-for-1 split, 𒁏which takes effect after Friday’s closing bell.

In addition, although the stock has made higher highs, the 澳洲幸运5开奖号码历史查询:relative strength indicator (RSI) has made a lower high, indicating a 澳洲幸运5开奖号码历史查询:bearish divergence, a technical event tha🐼t✨ warns of a potential reversal.

Monitor These K꧅e🔴y Fibonacci Levels Amid Profit Taking

We can identify possible key retracement levels by applying a 澳洲幸运5开奖号码历史查询:Fibonacci grid stretched from t♔he stock’s October 2022 low through to Wednesday’s record high.&🙈nbsp;

The first support sits at the 38.2% 澳洲幸运5开奖号码历史查询:Fib retracement level around $798, which also coincides with the April correction low. The key 50% Fib retracement level marks another potential support area situated around $666, a region on the chart that sits in close proximity to the rising 50-week MA. A deeper pullback would likely find buying interest at the 61.8% Fib level around $535, an area that aligns closely with top portion of a period of 澳洲幸运5开奖号码历史查询:consolidation in Nvidia shares between July and December last🐈🐻 year.

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As of the date this article was written, the author does not own any of the above securities.