Chart of the Day - Monday, January 8, 2024

🏆 Today’s CoTD was shared by Arun Chopra (@FustionptCapital).

• Nvidia ($NVDA) had its best day since August today, rising +6.43% to a record high.
• Despite being the best-performing stock in the S&P 500 last year, $NVDA has made little progress since July.
• It looked doomed in October after forming a bearish Head and Shoulders pattern. However, that bearish pattern failed, sparking a sharp rally.
  
  
• The takeaway: Chart patterns fail and morph all the time. It's often bullish when bearish patterns fail, and vice versa.