Peter Smith
The tech giant's relentless climb has caught many traders off guard. What seemed like a natural pause last week has turned into another leg higher, with NVDA now sitting tantalizingly close to a major technical milestone that could determine its next move.
Nvidia (NVDA) Approaches Critical $194 Fibonacci Level
Trading at $182.70, Nvidia sits just 6% below the key 1.618 Fibonacci extension target at $194.23 – a crucial level measured from February's decline. The breakout above $153.13 resistance has been spectacular, defying analysts who expected a pullback.
The stock has cleanly held above its 10-day moving average at $161.19, which has acted as solid support throughout this rally. As long as NVDA stays above this level, the bullish trend remains intact.
What's Next for Nvidia (NVDA) Price Action?
The $194.23 level is where the action happens. A breakthrough could spark a continuation toward fresh highs, while rejection might trigger a healthy correction back to $170-$165.
Recent analysis suggested last week's candle hinted at a potential slowdown, but NVDA completely ignored those signals. The stock continues riding strong investor optimism and technical momentum that refuses to quit.
For now, all eyes remain on that $194 target. Whether breakthrough or bounce-back, one thing's certain – Nvidia remains the market's most watched name, and the 10-day moving average at $161.19 stays the key support level to watch.
Peter Smith
