NVIDIA Bears Firmly in Control

Published on Thursday, 29 July 2010 12:34 Written by Christopher Lynn

New York, July 29th (TradersHuddle.com) - Shares of NVIDIA Corporation (NASDAQ:NVDA) booked a new 52 week low by trading below $9.9, traders are definitely monitoring NVIDIA's price action to see if this move attracts further selling, or it this last push down sets a tradable bottom in the stock.

NVIDIA Corporation (NASDAQ:NVDA) designs, develops, and markets three dimensional graphics processors and related software. Its products provide interactive 3D graphics to the mainstream personal computer market.

NVIDIA is currently trading -9.97% versus its previous trading session close, and it has calculated support and resistance at $10.17 and $10.83 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -0.88% from its previous trading close, which means that NVIDIA stock is underperforming the overall market.