A recovery only becomes meaningful when price can hold above the breakout area. For NVIDIA, that has not happened. After reaching the $196–197 resistance zone, the stock quickly lost momentum and slipped back below the EMA34, suggesting buyers still lack the strength to shift the short-term trend.
Beyond the technical picture, caution is returning to AI-related stocks as investors await quarterly earnings reports and further guidance from the Federal Reserve. As a result, buying momentum has slowed following the recovery seen at the end of last month.
On the H1 chart, the EMA34 remains below the EMA89, with both moving averages still pointing lower, confirming that the primary trend remains bearish. Repeated failures below the $196.50–200.00 resistance area indicate that sellers continue to defend this zone aggressively. Unless NVDA can reclaim it, the preferred scenario remains a move toward $192.00, followed by the key psychological support near $190.00.