NVDA made it’s move! – April 24, 2026

by MarketMentor
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Read the transcript HERE

Key Takeaways

  • Support Confirmation: The “failed” move earlier in the week wasn’t a total loss—it provided critical information by proving that buyers were aggressively defending the 8-day exponential moving average.

  • Sector Momentum: $NVDA’s move was validated by the broader semiconductor sector hitting all-time highs. It is usually easier to trade a stock when the “sector wind” is at its back.

  • Volume as a Filter: The breakout through the pivot occurred on “great volume,” which is the primary technical signal used to distinguish a legitimate trend change from a “fake-out.”

  • The Laggard Warning: Despite the great day, $NVDA did not close at all-time highs, unlike some of its peers. This indicates that there is still significant overhead resistance (supply) that needs to be cleared before “blue sky” territory is reached.

NVIDIA: The Breakout Is Here, But Are We Out of the Woods?

The Pivot That Finally Popped

Trading NVIDIA ($NVDA) lately has required a steady hand and a lot of patience. Earlier this week, the stock teased a breakout above $202.80, only to be rejected and sent back to its moving averages. For many, that rejection was a signal to walk away. But at Stock Market Mentor, we watched the 8-day exponential moving average. When the stock refused to break down and instead found clear support, we knew a “coiled spring” was forming.

Semiconductors on Fire

Today, that spring finally uncoiled. With the SMH hitting all-time highs and names like Intel screaming higher, NVIDIA finally pushed through its pivot on impressive volume. This wasn’t just a “hunch” trade; it was a technical setup confirmed by a massive sector-wide tailwind.

Respecting the “Wall of Supply”

While today was a win for the bulls, Scott McGregor points out a crucial nuance: NVIDIA is still technically a laggard. While other chips are in “blue sky” territory, $NVDA is still battling overhead resistance in the $208 to $212 range. This is the area where previous sellers are still “trapped” and looking to get out even.

The Game Plan

The breakout is actionable, but it isn’t a “set it and forget it” trade. We are riding the momentum as long as the 8-day EMA holds support. However, we are keeping a very close eye on that $212 ceiling. To break through that, NVIDIA will need to maintain this “skyscraper volume” to absorb the remaining supply.

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