Artem Voloskovets
⬤ Nvidia shares edged slightly higher as the stock stabilized around major technical support following last week's breakdown from a rising wedge. The debate around whether Nvidia still leads the market comes as the stock shows clearer momentum loss on daily charts. Price action reflects a cooling phase after months of strong performance.
⬤ NVDA slipped below its rising wedge before retesting that broken support from underneath. The stock now sits below short-term moving averages while the broader uptrend remains intact but vulnerable. After rejecting from the wedge's upper boundary earlier this month, price slid toward trendline support that traders are now watching for directional clues.
⬤ Selling has been orderly without volume spikes, pointing to controlled profit-taking rather than heavy distribution. NVDA trades within its long-term uptrend, but the current consolidation shows uncertainty around near-term strength. The failure to reclaim former wedge support keeps the stock in a corrective pattern, with traders waiting for renewed demand signals.
⬤ This matters because NVDA has driven much of this year's equity performance, and any leadership weakness could shift sentiment across semiconductors and tech. Whether the stock regains momentum above short-term resistance or stays locked in consolidation will shape how market leadership rotates in coming weeks.
Artem Voloskovets
