Nvidia approaching major resistance in this year's strong downtrend. It has about 3% more to go before reaching the key $170 level where it rejected recently. From there, it has little room before running into the brick wall that is this year's bear market. I suspect, depending on the coming week's opening, Nvidia will rally until touching the key $170 level where it will meet strong selling.
In my opinion, the more likely outcome is that Nvidia rejects off 200 SMA and key level and drills down. This depends, however, on the PA of SPY next week. If SPY decides to rally past its yearly resistance zone, Nvidia will follow and possibly break 200 SMA. For those going short, take profits at first, ~$140, then ~$130, then final support at ~$110.
In my opinion, the more likely outcome is that Nvidia rejects off 200 SMA and key level and drills down. This depends, however, on the PA of SPY next week. If SPY decides to rally past its yearly resistance zone, Nvidia will follow and possibly break 200 SMA. For those going short, take profits at first, ~$140, then ~$130, then final support at ~$110.