NVDA at a decision point, same area as September 2024Price as of my analysis: $113.76
NVDA is sitting at a major horizontal support zone around $113.50. This level acted as strong support in June 2024 and again in September 2024, where it launched a 34% rally toward the $152 range. Price is now testing that same level again — this is a key decision point.
If this support breaks, my first downside target is $104.70, followed by $100.96. The $100 level is also psychological support and could attract buyers if tested.
At the same time, NVDA is also pressing against a downtrend line that began in mid-February 2025, starting from the ~$143 level. Price rejected off this trendline again on Monday, confirming sellers are defending it.
The 10 EMA and 20 EMA on the daily chart sit around $119. For any upside to unfold, NVDA must reclaim these levels. Above that, we’re looking at resistance between $125–130, which is a confluence zone:
Downward-sloping 50 SMA
Flat 200 SMA
The prior uptrend line from May 2023, now acting as potential resistance
If the bounce begins here at $113.50, reclaiming the EMAs would be the first bullish signal. Clearing the $125–130 area could open the path back to $141, which was the breakdown candle from February.
On the weekly chart, the same $113.50 level shows as significant. The weekly EMAs are starting to turn down, and this week’s candle is showing signs of indecision — suggesting a potential reversal or further breakdown is brewing. Watching how this week closes will be key.
Summary:
Holding $113.50 = potential bounce toward $119 → $125–130 → $141
Losing $113.50 = likely flush to $104.70 → $100.96
$100 = psychological support and probable strong demand zone
Currently at the intersection of major support and downtrend resistance = high-stakes decision zone
