Usman Salis
Nvidia is at a make-or-break moment. Trading at $186.83, up 7.26%, the stock is pressing against the 2.414 Fibonacci extension at $179.78.
What the Chart Shows
Trader Cantonese Cat flagged this level as the line in the sand - close above it, and NVDA prints an all-time monthly high. The setup is clean, the momentum is there, but can bulls hold it through month-end?
Nvidia's climb from its 2022 lows has been relentless. Support is rock-solid near $152.38, the 2.272 Fibonacci level where the stock consolidated before pushing higher. Now it's facing resistance at $179.78. Break through, and the next major target sits at $227.99 - the 2.618 Fibonacci extension. The candlestick pattern tells the story: higher lows, consistent buying pressure, and momentum that's refused to crack even during pullbacks. Defending this level into the close would cement Nvidia's dominance in the AI rally.
Why This Matters
Nvidia isn't just any tech stock - it's the engine behind AI and data centers. Demand for its GPUs keeps hitting records, and that fundamental strength is backing up what the charts are showing. When technicals and fundamentals align like this, breakouts tend to stick.
If NVDA locks in a monthly close above $179.78, the door swings wide open toward $227. But nothing's guaranteed. Rising yields or sudden profit-taking could throw a wrench in the works. The next few sessions will tell us whether this breakout is the real deal or just another head-fake.
Usman Salis
