TradingKey – On July 1, NVIDIA (NASDAQ: NVDA) sits at $198.34, failing to break above the former support level that is now serving as resistance between $198 and $205 on the 2H chart’s downward blue channel. The technical picture looks bearish. The red candles have solid bodies to show the presence of the sellers at this resistance range, the RSI at 56.31 is in neutral territory, and the price still has some distance to fall to the left of the range.

According to the down channel, the next targets lie in the $184.75 to $180.31 range. As to the fundamentals, NVIDIA faces the most debate since the beginning of the AI supercycle, with the stock falling about 12% in June and entering correction territory. At the same time, the PHLX…