Usman Salis
⬤ Nvidia is trading near $195, hugging the upper edge of its rising channel and approaching the $198 Fibonacci level that's acted as a checkpoint during previous rallies. The weekly chart shows a clear continuation of the uptrend, with price action pushing past old resistance within a well-defined ascending structure. Wave markings suggest NVDA may still be working through its larger trend, with the next measured target sitting around $229.
⬤ The setup shows strong buyer control and minimal technical damage. Long-term moving averages are providing solid support, reinforcing the momentum that's driven Nvidia's multi-year climb. As long as NVDA holds at these elevated levels, it's a sign the broader market environment remains stable.
⬤ Why does this matter? Nvidia carries serious weight in the tech sector and plays a major role in shaping equity risk appetite. If NVDA stays strong, market participants tend to stay confident. But if it breaks down from this trend, expect caution to ripple across growth stocks. For now, though, Nvidia is still calling the shots—and the market hasn't topped until it says so.
Usman Salis
