Bound to be rangebound
NVDA earnings this week!
Quick summary:
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After stalling near 695, price has rotated lower and slipped back to 680, shifting the focus from breakout attempts to defense of 670
Daily structure has weakened but not broken, with 670 now acting as the key line between contained rotation and range expansion toward 650. Although, we touched 680 twice so far this week and it didn’t break.
On the 4-hour timeframe, MACD has rolled negative, signaling downside pressure, though momentum is not yet accelerating.
Nvidia earnings and this week’s macro data may provide a catalyst, but the reaction around 680 will likely determine direction.
Charts: pressure building near support
The rejection near 695 last week has now translated into steady downside rotation. Price has drifted toward the lower end of the broader range, shifting the focus from breakout attempts to support defense.
The question this week is simple: does 680 hold, or does the range reset lower?
Price is now trading beneath the prior consolidation area around 680. That weakens the short-term structure, though it does not confirm a full breakdown. The key reference remains 670, which marked the February 5 low and the weakest print since mid-December.
A sustained move below 670 would shift the range lower and bring 650 into view. As long as 670 holds, this remains rotation within the broader range rather than confirmed downside expansion.
After all, the 680 didn’t break neither on Monday nor at the open today. If I had to bet, I would bet on the upside move first, before another hit at resistance from above. So rangebound still.
On the 4-hour chart, momentum has clearly shifted. MACD is below zero and the histogram has been printing red bars, reflecting sustained downside pressure over recent sessions.
The difference from last week is that momentum is no longer flattening from positive territory. It has rolled negative. However, the histogram is beginning to compress, suggesting downside acceleration is not building further at this stage.
If momentum expands again while price presses 670, that would strengthen the case for continuation lower. If the histogram continues to contract and price stabilizes, this likely remains contained movement inside the 670–695 range.
Nvidia’s earnings this week will likely be the primary catalyst for broader equity sentiment, particularly around AI spending and large cap technology positioning. President Trump’s State of the Union address, along with remarks from Federal Reserve officials may also influence short-term direction. Still, with price already testing support, the reaction around 670/680 is the one to watch. Especially after NVDA' earnings on Wed.
The competition
With price testing the lower end of the range, consistency at the top stands out while positioning beneath it continues to adjust.
Stay focused and keep climbing the ranks!
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