For today's chart we've chosen to take a look at NVDA because it is trading near the 23.6%
Fibonacci Retracement level. For those of you unfamiliar with this tool, it is often used by traders to help determine potential levels of support and resistance. As you can see from the chart below, the dotted retracement levels have been very influential on how NVDA has traded over the past several months (shown by the white arrows) and it will be interesting to see if the bulls will be able to overcome the
resistance that has been identified at the $34 level. A break above the 23.6% retracement will likely cause many traders to watch for a move toward the 52-week high of $38.96.
Conservative traders may want to confirm the move higher with other indicators in an attempt to avoid a
failed breakout like the one that happened in early February. A failed break above $34 will likely provide an opportunity for the bears to profit on a resulting drop to $31.
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