Usman Salis
⬤ NVDA has been quietly building a base just under its all-time high following a major rally. The stock is holding a constructive structure as long as $170 remains intact — and if the highs get taken out, there's little standing in the way of further upside. This looks more like a pause than a reversal.
⬤ The current range is forming right at the highs, which typically signals the market is waiting for a trigger before making its next move. Once resistance breaks, limited overhead supply means price could move fast. A similar pattern played out previously, covered in NVDA Stock Analysis: Consolidation Before the Next Move.
⬤ The $170 level is the line in the sand. Holding above it keeps the bullish case alive; losing it changes the picture. A comparable reaction near this zone was noted in NVDA Stock Analysis: Gap Fill at $173 in Focus, and the breakout framework mirrors what was outlined in NVDA Stock Nears Breakout as VCP Pattern Develops.
⬤ How Nvidia behaves near record highs tends to set the tone for the broader semiconductor and AI trade. Tight compression just below resistance is generally a bullish sign — the question is whether the next leg up begins soon or if the stock slips into a more extended consolidation first.
Usman Salis
