Nvidia Corporation (NASDAQ: NVDA) was trading slightly lower on Wednesday in tandem with the general market amid reports indicating that Microsoft Corp (NASDAQ: MSFT) is scaling down its orders for Nvidia's H100 AI Chips.
The chipmaker was trading on lower-than-average volume, indicating an ongoing period of consolidation, which has also settled the stock into a double inside bar pattern on the daily chart.
An inside bar pattern indicates a period of consolidation and is usually followed by a continuation move in the direction of the current trend.
An inside bar pattern has more validity on larger time frames (four-hour chart or larger). The pattern has a minimum of two candlesticks and consists of a mother bar (the first candlestick in the ...