NVIDIA Stock Dips After Hitting $183 – Can It Still Reach $194?

NVIDIA (NVDA) just gave investors a classic "up and down" moment this week. The AI darling shot up to $183 – a level that had traders getting pretty excited – but then quickly retreated back to $173.72 by week's end. It's the kind of move that has everyone asking: is this just a normal pullback after a big run, or is NVIDIA losing steam? With the stock still riding high on AI enthusiasm but showing some technical fatigue, figuring out what comes next could make or break a lot of portfolios.

NVIDIA Shows Signs of Cooling After $183 Peak

NVIDIA stock just had a wild ride – it surged all the way up to $183 from its April lows, but then reality hit and it closed the week at $173.72. That's a pretty classic "hit resistance and retreat" move that traders see all the time.

The weekly close below $183 suggests NVIDIA might need to take a breather after that massive run-up. But here's the thing – this doesn't necessarily mean the party's over. The overall chart still looks pretty healthy, and the breakout from earlier consolidation is still intact.

Fibonacci Points to $194 Target

Here's where it gets interesting for the tech nerds: if you draw a Fibonacci extension from NVIDIA's low of $86.62 to its previous high of $153.13, the 1.618 level lands right at $194.23. That's become the new target that everyone's watching.

With NVIDIA's next earnings report coming up, that $194 target could definitely be in play if the AI hype train keeps rolling. The fundamentals around AI and data centers are still looking solid, so this pullback might just be the market catching its breath.

Is This Just a Breather or Something Bigger?

Look, one red weekly candle doesn't mean NVIDIA's done climbing. As long as it stays above that $160-165 support zone, the uptrend is still alive and kicking. Traders are definitely keeping their eyes peeled for any buying opportunities, especially with earnings on the horizon.

If the bulls can push NVIDIA back above $183, that $194 target becomes a lot more realistic. The AI story isn't going anywhere, so this dip might just be setting up the next leg higher.