NVIDIA Corporation NVDA remained unwavering despite the upward trajectory of the S&P 500. This surge followed the Federal Reserve’s decision to maintain rates at its March policy meeting while hinting at potential rate cuts this year.

Nvidia has been on a consolidation spree after experiencing a remarkable 148% surge from Oct. 31 to March 8, fueled by bullish sentiments in the artificial intelligence market.

At the recent GTC Conference, Nvidia’s executives unveiled ambitious plans for both hardware and software products. The introduction of the Blackwell GPU architecture as a successor to the Hopper architecture sparked a rally, pushing Nvidia back into Monday’s trading range after a slight dip at the start of Tuesday’s session.

Technically, Nvidia’s consolidation phase has been crucial in recalibrating its Relative Strength Index (RSI) after staying in overbought territory between Jan. 9 and March 8.

The surge followed by the consolidation has set the stage for a potential bull flag formation on Nvidia’s daily chart. Investors and traders eyeing the upward trend may seek diversification opportunities through the Spear Alpha ETF SPRX.

SPRX is more than just a passive tracking fund; it offers active management, leveraging popular holdings such as Nvidia (10.59% weight) and Advanced Micro Devices, Inc (8.06%).

The Nvidia Chart: Nvidia has displayed a series of bull flags during its ascent. The most recent formation, observed from Feb. 28 to Wednesday, indicates a potential 26% surge if Nvidia breaks out from the triangular-shaped flag on high volume, possibly aiming for the $1,072 mark.

• With decreasing momentum leading to a drop in RSI to around 65%, Nvidia has room for further upside potential if it maintains a sideways movement within the flag.
• Bullish traders anticipate Nvidia’s breakout above the upper descending trend line of the flag and a breach of the March 8 all-time high of $974. Conversely, bearish traders look for increased selling pressure and a close below the 21-day exponential moving average, which would invalidate the bull flag formation.
• Key resistance levels are identified at $919.13 and the all-time high, with support levels at $870.85 and $794.80.

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