Nvidia (US: NVDA) showed signs of recovery with a rebound on 18^th March.  While the uptrend seems unstoppable, there were signs of a slowdown in buying momentum from the 3^rd of April onwards. As such, based on technical, Nvidia may correct downward and test the support level of 230.00.

1. Nvidia has completed the wave A of a potential flat corrective pattern and as such, the likelihood of wave B completion once the price has reached 90% of wave A is high.
2. The rising wedge formation near the top is seen as a strong reversal of the bullish trend to turn bearish.
3. Engulfing candlestick formation rejected the 88.6% retracement level of wave A, a sign of a top being formed, coupled with RSI bearish divergence in place.
4. The price momentum suggests that the 300 psychological level has been tested twice on 17^th April and 29^th Both occasions saw prices failing to break the 300.00 psychological mark.

*The technical call is valid for 3 weeks only.

*Should the immediate support at 275.46 reverse, the likelihood of the Nivida reach 347 is high and should that happen, the formation of expanding or running flat is possible.

CHART LEGENDS

Moving average

Red line = 200 SMA Line

Blue line = 50 SMA Line