NVIDIA Corporation (NVDA) continues to be a focal point for investors, with its stock demonstrating remarkable resilience and volatility. A recent daily chart from TradingView shows the semiconductor powerhouse trading at 0.24 (+0.17%) for the session. While the daily gain is slight, the larger technical picture reveals a stock in a powerful recovery phase, now approaching critical resistance levels.
A Closer Look at the Day’s Trading
The latest trading session saw NVIDIA open at $141.97. The stock traded within a relatively tight range, hitting a low of $141.85 and a high of $143.45 before closing near its peak. The green candlestick for the day indicates that buyers maintained control, pushing the price higher than its open and signaling continued bullish sentiment in the short term.
The Bigger Picture: A Story of a Dramatic Fall and a Powerful Rise
To truly understand NVIDIA’s current position, one must look at its journey over the past several months. The daily chart paints a vivid picture of extreme volatility:
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Previous Peaks: In late 2023 and early 2024, NVDA stock surged to impressive highs, trading in a range between approximately $152 and a peak above $160. This area now represents a significant psychological and technical barrier.
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The March Correction: The market witnessed a sharp and sudden sell-off in March, where the stock plummeted from its highs to a staggering low below the $88 mark. This dramatic downturn tested the conviction of even the most steadfast bulls.
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The V-Shaped Recovery: In a stunning display of strength, the stock did not linger at its lows. From April through June, NVIDIA staged a powerful “V-shaped” recovery, methodically clawing back its losses. This rally, supported by significant trading volume, has brought the stock right back into the spotlight.
Key Technical Levels to Watch
With the stock now trading around $143, it is at a critical technical juncture. Traders and investors are closely monitoring the following levels:
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Resistance: The primary zone of resistance lies between $152 and $160, corresponding to the peaks from late 2023 and early 2024. A decisive breakout above this area on strong volume would be a major bullish signal, potentially opening the door to new all-time highs.
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Support: Should the stock face a pullback, initial support can be found in the 132 range, where the stock consolidated in May. A more significant level of support sits at the psychological 84-$88.
For now, NVIDIA’s momentum is clearly positive. The question on every investor’s mind is whether this powerful rally has enough steam to break through the formidable resistance ahead, or if the stock will need to consolidate further before making its next major move.
