$NVDA has been quite volatile recently, currently at 207.95. It's been flirting with the 200 psychological level. Does anyone have a strong technical case for 200 acting as a solid support floor, or are we looking at a potential break lower if the broader market weakens?
I think 200 is definitely a key level. We saw some significant buying interest around there last time it dipped. I'd be looking for confirmation on the daily chart.
Technically, 200 aligns with a previous resistance turn support level from earlier in the year. That's a decent sign, but volume will be key if it tests it again.
200 as a floor? I'm not so sure. The macro picture isn't great, and NVDA has had a massive run. Could easily see it dip below if sentiment sours.
I've got a small long position from 203, so I'm hoping it holds. Stop loss is tight though, just in case.
I'm leaning towards it holding. The company's fundamentals are still strong, and a lot of institutional money likely views 200 as an attractive entry point.
What about the 200-day moving average? Is that in play near that level? That would add another layer of support.
Hard to say definitively. It's a psychological level, which can hold, but if broader tech sells off, even strong names like NVDA will feel the pressure.
Could be a dead cat bounce before breaking lower. I'd be cautious buying into 200 unless there's a clear reversal pattern forming.