$NVDA Shooting Star on Daily - HUGE Put Options Activity

NVDA Bearish signs on the daily chart
- Closed gap from late Jan near $156 then retraced
- Rejected by the 50d ema on the daily chart
- Formed shooting star candlestick marking possible near term top

On top of all this, we saw some enormous put options activity today with upwards of $700M of March and June expiration puts traded at varying strikes all deep-in-the-money for big per contract premiums. Combined we're talking around 70k contracts vs OI of only 14k coming into the day.

With earnings coming up late next week, someone is betting very big on a sell off in the very near future. See chart for two possible near term targets.



Note: Informational analysis, not investment advice.