Nvidia Analysis

NVIDIA’s stock surged to unprecedented heights, hitting a pinnacle at $502.16 per share, riding on a wave that soared past the 100-day moving average.

Yet, this peak became a pivotal resistance, halting further upward movement. Notably, at $409.80 per share, a robust support emerged, proving resilience in two tests, forming a strong foundation.

However, upside momentum has waned in recent weeks as volumes diminished, forming a consolidating rectangular pattern, hinting at a sideways trend. Recently, a retest of the resistance level occurred after a bounce from support. Sustained upward momentum could signal a breakthrough, potentially marking new highs. Optimistic investors might eye the Fibonacci extension levels, with the 23.60% mark a likely target post-resistance breach.

Sources: TradingView

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