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Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
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Technical Update - ARM breaking key supports, looking lower. Nvidia on a knife's edge
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
ARM Holdings experienced a significant drop yesterday, breaking through key support levels. The share price has now closed the gap that was created back in February, a feat it attempted several times before but never achieved with a daily close.
Additionally, ARM has fallen below the Ichimoku Cloud (shaded area), which previously acted as support. With this breakdown, the next notable support isn't until around USD 94, the upper boundary of the gap area from early February.
The strength indicator RSI closed below the 40 threshold, now indicating negative sentiment and suggesting that lower levels for ARM are likely.
The support at 94.00 is expected to be tested soon. A daily close below 94 could prompt sellers to attempt to close the gap down to 77.00.
For ARM to negate this bearish outlook, a close back above the gap, i.e., a close above 120.16, is necessary. However, to establish an uptrend, a daily close above 135.41 would be required.
Nvidia was rejected at the key resistance level of USD 906.34, failing to resume its uptrend. It is now retesting the gap area between 941.30 and 822.79.
A daily close below 822.79 would confirm a double top-like pattern and could trigger a sell-off down to support around 742.20, with minor support at 771.62.
If the Strength Indciator RSI is closing below 40 it would add to the bearish outlook for Nvidia
To resume its uptrend, Nvidia requires a daily close above 806.34. However, the top and reversal patterns, specifically the two Bearish Engulfing candles, will remain in effect until Nvidia closes above 967.66
Disclaimer: Author of this article is short ARM. That can change at anytime
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