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NVIDIA back tested the demand zone between 76–98 last month and held. After nearly 12 months of stagnation, it finally looks ready to run. Today, it cleared a key intermediate level at 115 and is now approaching the massive 124 resistance. A breakout above 124 sets the stage for a move back to all-time highs.
Fueling the move? Breaking News Today: U.S. officials are preparing to repeal the AI diffusion rule launched by the Biden administration — a policy NVIDIA has publicly opposed. This is a major win for $NVDA as it would allow them to resume more aggressive AI chip exports, especially to international markets where demand is booming.
With $S&P 500(.SPX)$ nearing 5700 and semiconductors yet to fully move, NVDA is perfectly positioned to lead the charge higher. A breakout could send it toward 150 in the coming weeks — and possibly 200 after that.
Where do you think NVDA is headed in the coming months - let me know in the comments!
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TRADE PLAN for Thursday ✅
$S&P 500(.SPX)$ popped higher later in the day today. IF SPX fails to get through 5670 we can see key resistance test at 5700.
SPX 5700C can work above 5670
$Meta Platforms, Inc.(META)$ all about 600 this week if it can get through we'll see another 10-15 pt move higher
META 610C is best above 600
$Invesco QQQ(QQQ)$ 477 is the line in the sand, if you see this level break we'll see a bigger sell off. QQQ to 469 possible if it breaks 477.
QQQ May 9 475P is best under 477
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