NVIDIA Corporation (NVDA) was unable to hold on to its early gains in its latest trading session, retreating from the day’s highs and surrendering most of those advances. The stock remains under the control of a short-term bearish corrective trend, with price action continuing to track a descending trendline that reinforces the current downside bias. Selling pressure also persists as the stock continues to trade below its 50-day Simple Moving Average (SMA). Meanwhile, momentum indicators are beginning to form a bearish divergence after reaching extremely overbought levels relative to the stock’s price action, with fresh bearish signals continuing to emerge.

 

Therefore, our outlook remains bearish for the stock’s upcoming trading sessions, as long as resistance at $213.80 remains intact. Under this scenario, the stock is expected to target the key support level at $191.00.

 

Today’s price forecast: Bearish.