TradingKey – At $198.34, NVIDIA (NASDAQ: NVDA) is still grappling to get past $198-203, a resistance level within a descending channel pattern on the 2H timeframe. The relative strength index (RSI) of 46.58 is neutral, while the repeated fail at resistance shows that sellers are dominant.

July 7 brought two positive factors for NVDA. The shares gained over 1% after it refuted claims its Kyber NVL144, a high-end AI system, would be delayed until 2028. At the same time, one Goldman Sachs analyst said NVIDIA’s forward price-to-earnings (P/E) of 21.7 times looks attractive, because it’s close to the average S&P 500 price-to-earnings ratio, and it’s well below the five-year average of 72x. Meanwhile, Jim Cramer says the chip stocks have…