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$NVDA Trade Setup: Navigating the CoreWeave ($CRWV) & $IREN Catalyst: Key Level is $217.17

With the CoreWeave stock capacity warning and the $IREN stock deal shifting the AI landscape, we break down the latest $NVDA options flow and key support zones

$NVIDIA EARNINGSSEMICONDUCTORSOPTIONS FLOW

Tom Smart

6/4/20263 min read

TABLE OF CONTENTS:

$NVDA Support, Resistance, and Next Moves: Why $NVDA is Trending.

$NVDA is trending because it remains the centerpiece of the AI trade. The latest quarter reinforced that AI infrastructure spending is still exploding, Blackwell demand is ramping, and management is now pitching even more upside through new product categories like Vera CPUs and broader AI factory buildout. $NVDA is sitting in a high-volatility spot after a massive earnings-driven run into the $236 area and then a sharp cooldown back toward the mid-$215 zone. The latest regular session closed at $215.33, after trading as high as $221.01 and as low as $214.80. In the last several sessions, price has clearly shifted from momentum breakout mode into pullback and retest mode, which is usually where traders find the next directional decision. The reason $NVDA is still one of the most watched names on the tape is simple: the company just posted first-quarter fiscal 2027 revenue of $81.6 billion, up 85% year over year, with data center revenue hitting $75.2 billion. Management also guided next-quarter revenue to around $91 billion, announced an additional $80 billion buyback, and raised the dividend. The market liked the numbers, but the stock pulled back anyway because expectations were already extremely high and traders are now debating whether that earnings beat was enough to justify the move into all-time highs. At the same time, the stock is trending for a second reason: the market is questioning whether incredible results are enough after such a huge run. That tension between exceptional fundamentals and stretched expectations is exactly why the name keeps drawing both momentum traders and fade traders.

Current Support Levels for $NVDA:

Bull case:

Bulls want a reclaim, not a guess.

Bull trigger

  • Reclaim 215.33 and hold it

  • Better confirmation if it starts accepting above 221.01

Bull targets

  1. 221.01 first.

  2. If that breaks, 236.54 becomes the bigger upside magnet

Bull thesis

  • Fundamentally, NVDA is still getting strong support from analyst commentary and AI demand.

  • The stock is more likely to catch a real bid if the market starts rewarding growth again instead of punishing multiples.

Bull invalidation

  • If it loses 214.80 and especially 212.00, the bull setup weakens fast.

Current Resistance Levels for $NVDA:

Bear case

Bears have the slight edge right now because the chart is weak enough to press, but not weak enough to panic.

Bear trigger

  • Failure to reclaim 215.33

  • Or a clean break below 214.80

  • If 212.00 goes, bears get much more control

Bear targets

  1. 212.00 first

  2. Then 197.22

  3. Then 194.74

Bear thesis

  • The chart is cooling off while the market is still digesting valuation pressure.

  • MACD is negative, so momentum is not helping the bulls yet.

Bear invalidation

  • A strong reclaim of 221.01 would tell you the pullback failed and shorts are trapped.

Trading Plan:

If I were trading it, I’d keep it simple:

  • Aggressive long: only on a reclaim of 215.33

  • Better long: reclaim and hold above 221.01

  • Aggressive short: break and fail under 214.80

  • Better short: lose 212.00

Bottom line:

Bias: slightly bearish short term, but still tradable both ways.
The key line is 214.80–215.33. If $NVDA can’t get back above that zone, bears stay in control. If it reclaims 221.01, bulls are back in business.

Disclaimer: This article is for informational and educational purposes only and is not financial advice. Always do your own research and manage risk carefully.