Nvidia got a fresh bearish call on June 29, when Ali Martinez said the stock had broken below a head-and-shoulders neckline and set a $170 target. The move mattered because shares were still trading at $194.26 in the extended session, up 0.90% on the day even after a sharp June slide.
Martinez’s target leaves Nvidia almost 13% below the latest close of $192.53, a gap that turns a technical warning into a concrete downside call rather than a vague caution. Nvidia shares were still up 1.95% year to date, but they had fallen 14.19% in June and had been running below their recent highs, which is why the stock was drawing so much attention from traders watching the NVIDIA stock price.
The setup Martinez pointed to was built over months. In April, Nvidia formed the left shoulder during a rally that later ended with a drop in early May. The head came later in May, and the right, lower shoulder took shape in mid-June as the stock climbed back above $210. By Martinez’s read, that sequence completed the pattern and left the neckline broken, which is the point technical traders treat as the trigger for the next leg lower.
The call lands at a delicate moment for Nvidia because the stock has been one of the clearest leaders in the AI trade since the initial public release of ChatGPT, yet it has lagged the benchmark even as that story still dominates market conversation. The S&P 500 was up 7.23% year to date, while Nvidia was only modestly positive, a split that underscores how much of the market’s confidence has already been priced into the name.
That is also the friction inside the bearish view: Nvidia remains a central AI stock, but investors have grown more cautious about whether the spending behind AI can keep delivering returns that justify the valuations attached to the winners. Martinez’s chart call does not settle that debate. It does, however, give traders a level to watch if the stock confirms the breakdown in regular trading after the extended-session bounce. If selling pressure deepens, $170 is now the level the market will be asked to defend.
