Nvidia's (NVDA) market capitalization 澳洲幸运5官方开奖结果体彩网: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官方开奖结果体彩网: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 s🅰hares have continued to trend sharply higher, with retracements 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官方开奖结果体彩网:candlestick bars between January and March, the stock staged a four-week 澳洲幸运5官方开奖结果体彩网:correction of around 20% through the first half of April, but quickly resumed its uptrend as buyers snapped up the dip in the lead-up to theꦬ company’s quarterly re♛sults last month. 

Following another 澳洲幸运5官方开奖结果体彩网:blowout earnings report, the price has continued to climb to new highs, finishing Wednesday’s session at a record close. Th♛e stock added 5.2% 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官方开奖结果体彩网: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官方开奖结果体彩网:10-for-1 split, which takes effect after Fridayꦓ’s closing bell.

In addition, although the stock has made higher highs, the 澳洲幸运5官方开奖结果体彩网:relative strength indicator (RSI) has made a lower high, indicating a 澳洲幸运5官方开奖结果体彩网:bearish divergence, a ܫtechnical event that warns of a potential 🐎reversal.

Moni🦄tor These Key Fibonacci Levels Amid Profit Taking

We can identify possible key retracement levels by applying a 澳洲幸运5官方开奖结果体彩网:Fibonacci grid 💝stretched from the stock’s October 2022 🌊low through to Wednesday’s record high. 

The first support sits at the 38.2% 澳洲幸运5官方开奖结果体彩网: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官方开奖结果体彩网:consolidation in Nvidia shares between July and Decem💖ber last year.

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