Usman Salis
NVIDIA's incredible run continues to captivate traders, but the clock might be ticking on this rally. With the stock sitting just shy of a major technical target, the question isn't whether NVDA can push higher—it's what happens after it gets there.
NVDA Extends Its Rally Despite Pullback
NVIDIA's been on an absolute tear through August, and even this week's minor pullback hasn't dampened the bullish spirit. Trading at $177.99, the stock is still within striking distance of what could be its next major milestone.
Trader @CyclesFan is keeping a close eye on the 1.618 Fibonacci extension sitting pretty at $194.23. This level comes from projecting the January-April decline, and if technical analysis holds true, it could be where this current wave tops out.
The math here is pretty compelling. Since bouncing off April's brutal low of $86.62, NVDA has nearly doubled—a reminder of just how explosive this AI darling can be when momentum kicks in.
Key Levels for NVDA Price Action
The breakout above $153.13 resistance was the green light bulls needed, and now they're charging toward that extension zone with conviction. But here's the thing about strong Fibonacci levels—they don't just act as targets, they often become brick walls where rallies go to die.
If NVDA manages to kiss that $194 mark, don't be surprised if profit-taking kicks in hard. September has historically been a rough month for stocks, and after such a monster run, some cooling off wouldn't be shocking.
For those watching the downside, key support levels sit at $165 and $153—spots where buyers have previously stepped up to defend the trend.
Bulls want to see that $190-$194 retest, but whether NVDA can actually hold above those levels or gets smacked down will probably set the tone for the rest of Q3. The rally's been fun, but September might just be when reality checks start rolling in.
Usman Salis
