NVIDIA (NVDA) is gradually recovering after the recent sharp sell-off. We saw a structural shift with the recapture of the X-POC (Xtructure Changing Starting Point) around $102.50, where buyers stepped in, forming a high-volume node (HVN).

Following the X-POC recovery, NVDA gapped up, closing above this level and establishing a new point of control (POC) with significant volume at $105.

Today, NVDA opened strong but, as anticipated, encountered resistance just before the N-POC at $110.61. Bears took control, driving the price back down to the previous day’s POC at $105.

The key for the rest of the day is maintaining a close above $105. Ideally, closing above $107.10 (today’s POC) would strengthen the bullish case. However, if we see further declines, the critical support remains at the $102.50 X-POC.

Looking ahead, tomorrow’s CPI report will likely set the tone for the FOMC meeting next Wednesday, potentially clearing the path for a return to all-time highs. For now, bulls need to break through the $110.61 N-POC and hold above it. If achieved, we could see rapid movement towards the $118 POC, with resistance expected before reaching the final target at the $126 N-POC.