NVDA short-term outlook positive with higher lows; expected to reach $240 within a week.

And finally, folks, we have Nvidia. How can we end the day without covering Nvidia news, especially after their announcement of a $150 billion share buyback program? That initially pushed the stock higher, and it closed the day up 1.68%, but note that I have an upward trend line that has effectively blocked all of Nvidia's attempts to rise so far.

You can see how the price initially found support at this trend line. This happened even before it dropped on September 11 and also on September 10. Then the price movement decreased and rose again , but it was met with rejection, and then we simply fell back again.

The good news for Nvidia is that it is still maintaining its levels here despite facing rejection. In general, this type of upward movement should be followed by a downward pullback to form a new lower low.

But look at this Nvidia graph. You can see that since this drop , what have we done here? We saw a decline, then we recorded a higher low, and suddenly we recorded a new lower low.

So, oh my God, this is not good. But immediately after this lower low, Nvidia recorded a higher low, then another higher low , and then another higher low . Therefore, all it does is climb on the chart.

Therefore, Nvidia's short-term outlook is not bad at all . It is making higher lows on the chart, but we are facing mounting resistance coming. First, from this downward trend line from its all- time highs to the pivot point on September 4, which was almost touched today at $234.70 .

Beyond that, the parallel channel peak is at $239.68.

So, Nvidia has a lot of resistance accumulating here in this narrow range, but so far the chart looks really good with higher lows being recorded. It should head straight here, and I would say within the next week or so, to touch the $240 level .