Monthly RSI Divergence confirmed for $NASDAQ:NVDA

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NVDA

I made a post about 6-7 weeks ago highlighting the potential for a triple bearish divergence on the monthly RSI for NVDA. The RSI has now rolled over in coordination with the trend line I had drawn back in February.

The selling pressure we are seeing coming into this weekly candle close is further confirmation that this chart can pull back much further as we have seen in previous corrections.

There is still a lot of room to go to the downside and a lot of profit potential in buying long term puts for this stock. The put options I accumulated in the past 6 weeks are in profit, but I am looking for much lower prices to come.

Keep in mind, due to the rapid expansion this chart has seen, a 50-70% pullback could actually still be apart of a multi-year macro uptrend (note the previous corrections were still higher lows).