Nvidia Corporation’s stock price (NVDA) skidded in the intraday levels, while hurt by a negative pattern that formed in the short term, the Double Top pattern as shown in the attached daily chart. The stock also suffers from negative pressure due to trading below the 50-day SMA, in addition to negative signals from the RSI despite settling at oversold levels , amid the dominance of the main upward trend in the medium term. 

That’s the technical side, and from the news side, Nvidia was hammered by a selloff wave that engulfed the tech sector, engendering a weakening sentiment ahead of corporate earnings results and the Fed’s policy decision.

AMD has also announced plans to cooperate with Microsoft, Meta, and Alphabet (Google) to develop a new standard to link AI accelerators, which would represent a direct challenge to Nvidia’s dominance in the field. 

The AMD news of course weighed on Nvidia’s stock, but only in the short term, as the purported cooperation is still in its early stages, and the number of companies involved would likely lead to more handicaps down the line. Therefore, Nvidia is still in a good overall position, as investors now await the Federal Reserve’s important policy decisions today. 

We expect a correctional dip for the price, targeting the pivotal support of $97.40, before rebounding and carrying on the main upward trend. A breach of the $97.40 support would change the outlook to negative in the short term. 

Trend forecast: Bearish 

The CADJPY price ended the recent negative trades by facing solid support at 109.75, to notice the beginning of forming sideways trades and manage to gather the required positive momentum to activate the bullish trades again.

We notice stochastic exit from the oversold areas to decrease the negative pressures on the price and start suggesting targeting the positive stations near 111.55 followed by reaching 112.30.

The expected trading range for today is between 109.75 and 111.55

Trend forecast: Bullish

Natural gas price lost its negative momentum by stochastic rally towards the overbought areas, to end its current negative attack by touching 2.000$ followed by bouncing towards the first barrier at 2.150$ as appears on the chart.

We remind you that the main stability within the main bearish channel that appears on the chart and the stability of the major resistance at 2.350$ keep the bearish track valid, waiting to gather the additional negative momentum to ease the mission of crawling towards 2.050$ followed by starting to target new negative stations by moving towards 1.950$ and 1.860$.

The expected trading range for today is between 2.180$ and 2.050$

Trend forecast: Bearish

The EURJPY pair formed new negative attack, to achieve the previously suggested negative targets by reaching 164.05 followed by forming temporary correctional bullish rebound in order to take breath before forming any new negative wave, to settle near 165.30.

We remind you that the frequent stability below 167.55 barrier and the continuous negative momentum coming by the major indicators allow us to suggest more decline in the near term and medium-term period, to expect attacking 164.00 level soon, while breaking it will push the price to 162.75 as a next main target.

The expected trading range for today is between 166.30 and 164.05

Trend forecast: Bearish