Kingsview Partners Chief Technical Analyst Buff Dormeier said that this sudden pullback includes some signs of surrender. He referred to the 1:10 stock split announcement made last month, saying, &#34;After all this good news - the split, becoming the largest company - this situation is worrying.&#34;
&#34;Dormeier expects the short-term support level to be around $115, with the next important support level at $100.
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20240625/1719313000469688.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="f07c845d0b594b41f4121ed3ee125c9.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20240625/1719313000469688.png"/>
The $115 area of NVIDIA's stock price is close to the key &#34;Fibonacci retracement level,&#34; which is a tool used by technical analysts to determine support or resistance levels for stocks and other assets. The stock has retraced about 38.2% from its intraday low in April to last week's record high, which is approximately 2% lower than Monday's closing price.
Oppenheimer's Chief Technical Analyst, Ari Wald, believes that for NVIDIA, the long-term trend is more important than any specific level, and the long-term trend remains strong, with the stock well above the 50-day moving average of around $101 and the 100-day moving average of around $92.
In an interview, he said, &#34;Typically, topping is a process, with several rounds of buying and selling, and then the price gradually shows weakness, failing to hold key levels. We haven't seen that yet. That's how NVIDIA trades.&#34;
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20240625/1719313007170983.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="1372cec880745e35a3715e4ac12c77b.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20240625/1719313007170983.png"/>
While Wald, like Dormeier, believes that NVIDIA's long-term uptrend will not change, he is still keeping an eye on the key level of $100.
Bruce Zaro, Chief Technical Strategist at Granite Wealth Management, stated: &#34;For stocks like NVIDIA that are in an uptrend, breaking the first support level is not a cause for concern.&#34; However, he mentioned that if the price falls below $100, it would be very bad.
Zaro explained, &#34;This may not have a long-term impact, but it will indicate that you should remain patient, especially as we wait for the elections and the Fed weighs interest rates, the market may experience volatility and a downward bias.&#34;

NVDA

NVDL

SOXL

NVIDIA's stock price sharply pulled back, leading to a reversal in stock and options trading volumes, with a decrease in options trading activity. Trading activities indicate a lack of confidence. Despite NVIDIA's stock price soaring for a period of time, cash trading is declining. The stock price has fallen for three consecutive days, with a market value evaporating by $430 billion, and technical analysis suggests a possible bottoming out. Despite the pullback in stock price, it has still risen by nearly 140% year to date. The fluctuation of NVIDIA's stock price has attracted market attention

1. Core descriptive facts:
- NVIDIA (NVDA.US) recently experienced a significant pullback, leading to a reversal in stock and options trading volumes.
- The number of bullish contracts for NVIDIA has decreased by a quarter since last Friday, with Monday's call volume at half the 20-day average level.
- NVIDIA's trading volume has dropped by about two-thirds from its peak on June 18 when the stock reached its high point.
- Despite a recent three-day decline, NVIDIA's stock price has risen by nearly 140% year-to-date.
2. Viewpoints and supporting logic:
- The active options trading, which is considered a key driver of NVIDIA's continuous stock price increase, is showing signs of reduced confidence due to the recent stock pullback.
- The decline in trading volume despite NVIDIA's rapid increase in market capitalization from $2 trillion to $3 trillion in just about a month suggests a potential easing of the pressure that previously supported the stock's rise.
- Technical analysts are closely monitoring key support levels at $115 and $100 for NVIDIA's stock price, with expectations of further downside momentum and potential technical rebounds around these levels.
- The sudden pullback in NVIDIA's stock price, following positive news such as the stock split announcement and becoming the highest-valued company, raises concerns among analysts like Buff Dormeier from Kingsview Partners.
- Dormeier highlights the significance of the $115 region as a crucial Fibonacci retracement level, indicating potential support for NVIDIA's stock price and suggesting a possible bounce from this level.
Overall, the article conveys the impact of NVIDIA's recent pullback on trading activities, the potential shift in market sentiment, and the technical analysis indicating key support levels for the stock price.

Option call bets cooling down, NVIDIA's decline not stopping?