Nvidia shares up sharply helped by the fuel from the SK Hynix
SK Hynix made an impressive NASDAQ debut following its successful American Depositary Receipt (ADR) offering at $150. The shares opened at $170 and are currently trading near $174, up roughly $24 on the session.
The enthusiasm is easy to understand. SK Hynix is a critical supplier of the high-bandwidth memory (HBM) chips that power Nvidia's AI processors. Simply put, SK Hynix provides the fuel that helps Nvidia's AI engine run. With investors embracing SK Hynix's growth story, Nvidia is benefiting as well. Nvidia shares are currently up more than $7, or 3.48%, to around $209.75.
From a technical perspective, today's rally is significant.
The stock spent late June and early July testing its key 200-day moving average, currently at $191.67. Buyers successfully defended that level on both June 26 and July 7. Although the price briefly slipped below the moving average during the June 26 test, it quickly recovered, reinforcing the level as major support.
That second successful defense gave buyers the confidence to push higher. The initial rally carried the stock above its 100-hour moving average, but sellers initially leaned against the 200-hour moving average near $205.22. After a healthy pullback that successfully retested the 100-hour moving average near $199.41, buyers stepped back in with renewed conviction.
Today's surge has now pushed Nvidia back above the 200-hour moving average at $205.22, turning that level into the key short-term support. The rally has also cleared the 38.2% retracement of the decline from the May record high at $207.63, adding another bullish technical development.
The next upside target comes at the 50% retracement near $213.14. A sustained move above that level would strengthen the bullish case and open the door for a run toward the all-time high near $236.47.
For now, however, the focus is much closer. The 200-hour moving average at $205.22 is the key barometer. As long as the price remains above that level, buyers remain firmly in control. A move back below it would shift the technical bias back toward neutral.
It is up and away for Nvidia, thanks to the rocket fuel from SK Hynix shares rise. Jenson Huang does not mind filling up the Nvidia rocket ship.
This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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