NVIDIA Stock Surges as Bulls Target $170 with Powerful Breakout 

• NVIDIA stock broke past key resistance zones and is now moving toward the $170 price mark.  
• Traders see strong potential in NVIDIA as it targets new highs supported by solid technical patterns.  
• Calls on NVIDIA have surged over 120%, proving the breakout has delivered major returns for investors.  

NVIDIA Corporation ($NVDA) has been lighting up the charts with a bullish breakout that shows no signs of slowing down. The current price action on January 6, 2025, sees $NVDA trading at $151.59, a 4.93% daily surge (+$7.12). According to the chart analysis shared by ChartingGuy on TradingView, the stock is rapidly approaching its projected $160-$170 resistance zone, a move powered by technical precision and renewed investor confidence.

The stock has been on a bullish trajectory, with its price action validated by Fibonacci retracement and extension levels. The 1.618 Fibonacci level, sitting at $171.70, marks the ultimate upside target, with intermediate resistance levels of 1.414 ($161.49) and 1.272 ($154.38). 

These levels provide a strong roadmap for $NVDA bulls, particularly as momentum indicators suggest continued strength in the short term. Calls for $NVDA have already yielded a staggering +126% return, as highlighted in the tweet by @ChartingGuy, who predicted the breakout as early as October 7, 2024.  

The Anatomy of the Breakout: From Consolidation to Lift-Off 

The chart reveals an extended period of consolidation between August and November 2024, where the price oscillated within a descending triangle. This phase of indecision was decisively broken in late November as the stock surged past the $140-$142 resistance area, confirming a breakout. 

A retest of the breakout zone in December 2024 offered another entry point for bullish traders, with the stock using the area as a springboard for further gains.NVIDIA’s climb has been guided by clear technical levels, with the Fibonacci retracement tool painting a clear picture of past corrections and future targets. 

The retracement levels at $138.80 (0.786) and $131.20 (0.618) acted as key support zones during the consolidation phase, providing strong bases for the next leg higher. On the upside, the breakout has seen price levels extend to the 0.236 Fibonacci extension at $147.00, with the next targets clearly mapped at $154 and $161.

A Lesson in Precision: Calls +126% and Counting  

For those who followed ChartingGuy’s earlier prediction in October 2024, the breakout has been nothing short of spectacular. Back then, the analyst highlighted a potential move above the triangle’s upper boundary, setting the stage for the rally we see today. 

Fast forward to January 2025, and the trade has delivered a phenomenal +126% return on calls—a reminder of the power of technical analysis when executed with precision.

NVIDIA’s ongoing rally offers traders a masterclass in Fibonacci-based trading and trend identification. With the stock on a clear upward path, the stage is set for the next big test at $160-$170. Will the bulls maintain control, or will the bears attempt to stage a comeback? The answer lies in the charts, and for now, it’s a thrilling race to the top.