(MENAFN- Daily Forex)

• Nvidia remains resilient above $200, supported by strong investor demand and AI enthusiasm despite Chinese chip restrictions.
• With resistance near $210 and an upcoming earnings call on the 19th, pullbacks still appear to be buying opportunities.

Nvidia rallied a bit during the trading session on Wednesday, as the $200 level has shown itself to be somewhat supportive. I think ultimately, Nvidia is a market that a lot of people will continue to throw money at. What I find particularly interesting is that the Chinese are now saying that the AI chips in that country will have to be homegrown, yet Nvidia still rises. That being said, I think that shows just how powerful this stock is.

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You also have to keep in mind that no matter what happens, there are a ton of passive investing instruments that will be involved in Nvidia. It's got a perpetual bid because of this, and of course, Wall Street is still very excited about the whole AI boom and the prospects. Granted, artificial intelligence is probably in a bubble at the moment, but that doesn't mean that it's going to pop up anytime soon.

As things stand right now, it looks like a market that is well supported, not only at the $200 level, but also the 50-day EMA and the uptrend line that we have been following since June. To the upside, the $210 level is an area that I think offers a bit of resistance as it is a double top, and if we break above there, then we could go much higher.

Over the longer term, I do think that Nvidia does go higher, but we may get the occasional correction. As things stand right now, it looks like the corrections in Nvidia just end up being buying opportunities that people are willing to jump into and take advantage of. I have no interest in shorting this market. But keep in mind the next earnings call is on the 19th, so here in about a week or so, you may see a little bit of hesitation just due to people trying to clear out positions before that earnings call.

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