NVDA Pulls Back to a Key Gap: 4 Price Levels to Watch Before Earnings

After surging 11.6% last week, $NVIDIA(NVDA)$   fell 2.9% on Monday to $217.55, with the intraday low reaching $216.77—almost exactly the upper edge of last week's gap.

The gap remains technically unfilled, making the latest pullback an important test of whether NVDA's breakout structure is still intact. With earnings due August 26, here are the price levels and fundamental signals worth watching.

The first test has arrived: the $213–216 gap

Last week's rally left a clear gap on the chart: NVDA's August 4 high was $213.06, while its August 5 low was $216.40.

Monday's selloff brought the stock down to $216.77, just $0.37 above the upper edge. In other words, NVDA has returned to the gap—but has not yet filled it.

That makes $213–216 the most immediate technical zone.

If buyers continue to appear around the upper edge, the move could still look like a normal retest after last week's sharp rally. A full gap fill below $213, however, would suggest that some of the breakout momentum has been unwound.

Below that, $205–210 becomes the next meaningful area. It overlaps with the pre-breakout trading base and the cluster of major moving averages, making it a deeper test of the medium-term trend.

On the upside:

$225–230 is the first area NVDA would need to reclaim to restore near-term momentum, while $236.54 remains the all-time high. A sustained move above the latter would put the stock back into price discovery.

Earnings will determine whether the next move has fundamental backing

The timing matters because NVIDIA reports FY2027 Q2 results on August 26. Last quarter, revenue reached a record $81.6 billion, +85% YoY, while management guided the upcoming quarter to roughly $91 billion—almost 95% growth from a year ago. 

At this scale, however, another quarterly beat is only part of the story. The bigger question is whether NVIDIA can keep exceptional growth going as quarterly revenue approaches $100 billion.

Recent management commentary suggests the growth engine is broadening. Morgan Stanley's July meetings with Jensen Huang and NVIDIA management highlighted three major demand pools: AI labs, which account for roughly 20% of current demand; traditional hyperscalers; and the expanding neocloud, enterprise, industrial and sovereign-AI market. 

There are constraints too. Power and data-center space are increasingly scarce, custom ASICs remain an alternative, and management acknowledges that multi-year memory shortages may require more optimization across compute, networking and memory. 

Buy or Sell?

For positions already carrying sizeable gains, the $213–216 gap and $205–210 area offer observable markers for whether the recent weakness looks more like consolidation or a broader loss of momentum.

For investors familiar with options, periods of consolidation can also bring covered calls back into discussion, but the central trade-off remains the same: option premium today versus giving up part of the upside if NVDA quickly resumes its climb.

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