NVIDIA Corp.'s (NASDAQ:NVDA) blockbuster 90% run up from April lows has started to cool at a critical time. With the company set to report Q2 earnings on Wednesday after the close, the technical breakdown should be watched closely by investors.
- NVDA stock is flat ahead of earnings. See the real-time chart here.
Broken Uptrend
Nvidia shares have broken the clean uptrend channel that carried the stock through much of 2025 as the stock has struggled to gain traction in recent weeks.
Despite a broad market rally in reaction to Fed Chair Jerome Powell's dovish Jackson Hole remarks last week, Nvidia's stock has not participated meaningfully in the rally.
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Nvidia sellers gained control in August, breaking a months‑long stretch of steady higher highs and higher lows. The shift in momentum raises the risk that short‑term weakness could extend further, particularly if earnings results or forward guidance fail to meet Wall Street's sky-high, AI‑driven expectations.
Analysts are looking for the chip giant to report EPS of $1.00 and quarterly revenue of $45.86 billion. It is worth noting that Nvidia has beaten expectations on both the top and bottom lines for the last 10 consecutive quarters.
Support at $150
The $150 level is now the key line in the sand, according to Bespoke Investment Group. This price represents Nvidia's late‑2024 highs, which serve as a major long‑term support zone.
Heading into Nvidia’s earnings, shares were trading only about $30 above that level, leaving a relatively thin cushion should selling pressure accelerate.
A decisive break below $150 would not only erase a year's worth of gains, but also signal a deeper technical correction for Nvidia stock.
Seasonality is adding to investors' concerns. Historically, September has ranked as the weakest month for equities, with volatility often increasing as investors prepare for year-end positioning.
Nvidia's chart setup looks more precarious than bullish in the near term: a broken uptrend and Q2 earnings on the horizon.
The Takeaway: Nvidia remains the AI market leader, but its price action heading into Q2 suggests traders should brace for turbulence—and keep a close eye on $150 as a decisive battleground.
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