Are you looking to invest in the NVIDIA stock and are constantly analyzing the charts? If yes, then you are in the right place. Let’s look at the stock’s recent performance and explore what key indicators are revealing about possible future scenarios. The NVDA stock’s YTD performance has been unimpressive, falling by around 20%. In this analysis, we will break down the recent price action of NVDA and identify key support and resistance levels. Let’s also look at what technical indicators reveal for the coming times. Without further ado, let’s dive into the NVDA price chart and explore opportunities for optimal entry.
NVIDIA (NVDA) Price Analysis for May 2, 2025
The NVIDIA stock opened at $113.03 at 13:30 UTC, after closing at $108.7 the previous day. The trading session began with a slightly bullish candle, increasing the price to $114.04. However, the following candle led the price down to $112.16. The NVDA price increased again, going up to $113.5. Slight correction followed as the price retraced to $112.71 in the next fifteen minutes. Soon enough, an upward trend formed as the price made higher lows and gradually pushed upward. This movement was supported by the increasing number of bullish candlesticks that formed on the chart. The price then entered a trading range, with strong resistance at $113.5.
NVDA Chart : Analysed by raodevansh18, published on TradingView, May 2, 2025
The bearish candlesticks also found support at $113.15. This narrow trading range around the mid-session reflected market indecision, as neither buyers nor sellers made a move. At 15:15 UTC, however, a bullish NVDA breakout ensued as the price rose to $114.70. But the $115 mark posed stern resistance, and the bullish pressure lost steam. The sellers quickly assumed control of the price action, pushing the NVIDIA stock down. A downtrend followed, as the price consistently made lower highs and lows. The bearish trend pulled the price down to $113 by 15:55 UTC. The sharp drop indicated heavy selling pressure near the $115 resistance.
Following the decline, the price again consolidated, forming a trading range between $113.8 and $113.1. The support was tested twice, but held firmly. In the meantime, the buyers struggled to regain control as the slight uptrend near the trading range failed to lead to an NVDA breakout. At 18:15, the price stood at $113.83. Another downward trend commenced at this point, as the NVDA price broke the support level at $113.1 and bled slowly to $112.9 by 19:30. The downtrend intensified around the same time, leading to a stark decline to $111.31 at closing.
Indicators Reveal Strong Bearish Pressure
The MACD indicator showed a golden cross early in the session, which confirmed initial bullish momentum. However, a death cross followed at 14:35 UTC, corroborating the downtrend that followed early on in the sessions. A second golden cross was seen around 18:00 UTC but failed to drive sustained bullish movement. Another death cross followed closely, widening as the price dropped towards the end of the session.
The RSI spent the initial hours in overbought territory but quickly retraced to the midline and below with the ensuing downtrends. At the end of the trading session, it dropped into the oversold region, indicating strong bearish pressure. It also hints at a potential reversal in the next session.
NVIDIA Stock Primed for Short-Term Reversal
Given the conditions, the bearish momentum is heading towards saturation. This means that a considerable bullish reversal may ensue for the NVDA price. However, if the bears continue to dominate price movements, the downsides may continue. Unless there is bullish pressure early in the sessions, the price may continue to test levels around $110 or even lower. Given that the RSI is overbought, a short-term NVDA breakout to the upside is probable if the bulls jump in.
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