SpaceX endorsement lifts Nvidia stock as pullback risk builds
Nvidia received a fresh boost after SpaceX said it plans to rely exclusively on the company’s computing platforms. However, following five consecutive sessions of gains and an advance of more than 15%, the shares are approaching a potential short-term correction zone.
The key catalyst for Nvidia was a statement from Elon Musk during SpaceX’s earnings call. The company intends to use Nvidia solutions exclusively for its AI projects for the foreseeable future, as it considers the Vera Rubin architecture the best artificial intelligence platform currently available.
Musk also said that SpaceX expects to secure a significant share of Nvidia’s GPU production next year. This strengthened investor confidence in continued strong demand for the company’s accelerators and reinforced its technological advantage over competitors. However, specific purchase volumes and financial terms were not disclosed.
High-volume doji could trigger a pullback
As expected, the double-bottom pattern fully played out, after which NVDA shares tested resistance near $221.80.However, after five consecutive trading sessions of gains and an increase of more than 15% since July 29, the probability of a short-term correction over the coming days has risen significantly.
Particular attention should be paid to the close of today’s trading session. If a doji candlestick forms on the daily chart with elevated volume, it would indicate weakening buying pressure and increase the probability of a decline during the next session.
In that case, the nearest downside targets would be $217 and $214.40.
Profit-taking pressure builds after Nvidia’s weekly surge
Nvidia’s recovery took place amid improving sentiment across the technology sector following the June–July correction. However, after capital rapidly returned to the largest AI-related companies, the stock’s near-term upside potential is gradually becoming more limited.By August 6, signs of profit-taking had already emerged, with pressure increasing across semiconductor stocks. Fundamental demand for Nvidia’s solutions remains strong, but the sharp rally over the past week has made the shares more sensitive to any signs of weakening momentum.
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
