Bullish Reversal in Nvidia Today Calms Jitters After the 15% Dive

Today Nvidia made a strong bullish reversal after the decline considerable yesterday, abating fears of a stock crash after the strong surge early in 2024. NVDA shares closed the day yesterday with  a three day decline, but the strong reversal today has pulled NASDAQ up as well.

On Monday, Nvidia shares experienced a notable decline of around 6%, extending a downturn that has seen the stock drop over 15% in just three trading days since Thursday. This pullback comes despite Nvidia’s impressive performance earlier in the year, where its stock price surged by more than 150%.

This dramatic rise has led investors to speculate on the stock’s future direction amidst the recent volatility. However, Nvidia shares made a significant recovery yesterday, climbing more than 7% and spearheading a tech sector rally that nearly offset the losses from the previous session.

Nvidia Chart Daily – Ending the 3-Day Losing Streak

This sharp rebound underscores the substantial volatility currently affecting NVDA stock. The upward momentum originated from a close above a key support zone, showcasing a remarkable turnaround. This rally also had a positive impact on the broader market, with the Nasdaq gaining 1.3% for the session, highlighting the influence of Nvidia’s performance on the tech-heavy index. Investors are now closely watching to see if this rebound will sustain or if further fluctuations are on the horizon.

Despite the surge today, the Nvidia’s market capitalization now stands at $3.10 trillion, behind Microsoft (MSFT) and Apple (AAPL), with market capitalizations of $3.35 trillion and $3.21 trillion, respectively. This recent movement in Nvidia’s stock is characteristic of the regular volatility expected when a company experiences rapid growth like Nvidia has. The fluctuations are a normal part of the market dynamics, especially for a stock that has seen such a meteoric rise. Investors should brace for continued volatility as the market adjusts to Nvidia’s swift ascent.

Nvidia Live Chart Price

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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