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Posted May 22, 2026 at 3:37 am
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Nvidia’s stock price spent most of 2025 going nowhere.
When a stock consolidates, meaning price moves sideways in a tight range instead of trending, it is absorbing selling pressure and building the foundation for the next move.
Technicians call that period a base. Bases eventually resolve in one direction or the other, and Nvidia’s was no exception.
In 2026, it resolved to the upside.
Nvidia broke out to fresh all-time highs and has been pressing higher ever since. Anyone reading that chart had the thesis before yesterday’s earnings report arrived.
The earnings release confirmed it.
Data center revenue came in at $75.2 billion, up 92% year over year, beating analyst estimates of roughly $73 billion.
Non-GAAP EPS of $1.87 beat the $1.76 to $1.78 consensus by about 6%.
After Wednesday’s close of $223, the stock is on its way to the next Fibonacci extension targets around $270.
The Fibonacci extensions project, where the price may find resistance by measuring the size of a prior move and extending it forward. The $270 level is where the next meaningful test is likely to come.
The level to watch on the downside is $168.
That is where the anchored VWAP off the 2025 lows sits, which measures the average price paid by all market participants since that starting point, weighted by volume.
Everyone who entered during the 2025 consolidation remains in profit as long as the price holds above that line.
As long as $168 holds, bulls remain in control. Nvidia is the clearest proxy for risk appetite in this market, which means its behavior after earnings matters well beyond the stock itself.
When credit spreads are tight, and NVDA holds its key levels after a strong print, institutional money is signaling that risk is welcome across the board.
The thesis holds above $168.
The next target zone is $270. A sustained break below the anchored VWAP would change the analysis and require a fresh read on the broader picture.
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Originally posted 21st May 2026
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