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NVIDIA Stock On The Ropes As Semiconductors Leadership Tested

By Chris KimbleStock MarketsJul 01, 2022 12:13PM ET
www.investing.com/analysis/nvidia-stock-on-the-ropes-as-semiconductors-leadership-tested-200626580
NVIDIA Stock On The Ropes As Semiconductors Leadership Tested
By Chris Kimble   |  Jul 01, 2022 12:13PM ET
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Active investors must understand the importance of market leadership, both on the way up and down.

And this is proving to be very accurate in the semiconductors sector. Semis played a huge role in the tech bull market, helping to push the NASDAQ Composite and Nasdaq 100 higher and higher over more than a decade.

But, as we have covered several times this year (click here for our latest article on the topic), tech turned lower late last year, and the semis were the warning as a leader to the downside.

So today, we look at a weekly chart of one of the largest semiconductor companies in the arena—NVIDIA (NASDAQ:NVDA).

NVIDIA Weekly Chart
NVIDIA Weekly Chart

As you can see, a bearish head and shoulders pattern has led to a steep decline. NVDA is now testing crucial dual support (long-term up-trend line and lateral support).

This feels like an important support test for the sector's leadership—and for the market as a whole. Stay tuned.

NVIDIA Stock On The Ropes As Semiconductors Leadership Tested
 

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NVIDIA Stock On The Ropes As Semiconductors Leadership Tested

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