Peter Smith
⬤ Nvidia stock is holding firm near the top of its recent trading range, setting up what could be a run at previous record levels. NVDA has stabilized above key support zones and is now pressing against resistance, with chart projections pointing to the $230 Fibonacci extension as the next major upside target.
⬤ The daily chart shows Nvidia defending multiple horizontal support levels after bouncing back from earlier weakness. After reclaiming the mid-$180s and pushing through the low-$190s, price has consolidated just below a resistance band where selling pressure has remained relatively light while buyers continue stepping in at higher levels.
⬤ Technical watchers see the $230 Fibonacci extension as a natural upside target if the stock clears current resistance. The pattern of higher lows since the recent pullback suggests NVDA remains locked in a broader uptrend, though the breakout isn't confirmed yet and momentum will need to hold to reach the projected level.
⬤ Given Nvidia's outsized influence across semiconductor and tech sectors, a push to new highs would signal continued strength in large-cap technology stocks. But if resistance holds, the stock could stay rangebound longer, making NVDA's next move critical for near-term market sentiment as traders watch whether bulls can push through or bears regain control.
Peter Smith
