NVDA – Pullback Holding Above P1/HVLNVIDIA CorporationBATS:NVDATanukiTradeNVDA is pulling back after a sharp rally that peaked near 236 in late May. On the daily chart, price has retraced from those highs but remains above P1 and the High Volatility Level around 207.5. That keeps the stock inside a positive GEX regime for now — as long as this zone holds, price action tends to stay more controlled than in a negative gamma environment below HVL. This matters because the current move is not a breakdown yet — it is a retracement within a broader uptrend, with price still holding well above the 50 SMA (~198) and 200 SMA (~187). 🔶 Regime Context 🔶 Price is currently testing the 207.5 P1 / HVL zone — the immediate regime pivot after the rally. A clean loss of 207.5 would open the path toward the 200 confluence cluster below. 🔶 Options Structure Context 🔶 👉 220 – C1 (highest call NETGEX wall) Confluence at 220: C1 — highest call NETGEX Ab1 — largest absolute gamma CV / nCV — strongest call volume flow That makes 220 a clear reaction zone for any recovery attempt — not just a round number. Above that, structure extends toward 224 (C3) and 232 (C2). 🔶 Downside Structure 🔶 👉 207.5 – P1 / HVL — immediate regime pivot (currently being tested) 👉 200 – POI + COI + AbOI + nPV + PV Confluence at 200: COI — highest call open interest POI — highest put open interest AbOI — highest absolute open interest nPV / PV — strongest put volume today Together, this points to protective put positioning at 200 — a major dual-OI and put-flow cluster below spot. 👉 195 – P2 — next put wall below the 200 zone 🔶 Options Sentiment 🔶 CALL$ at 27.6% (51 DTE) means call options at an equivalent distance from spot are priced 27.6% higher than the corresponding puts — this is call pricing skew, showing moderate call-side demand in the options market. On the Options Oscillator, the green histogram has declined from a recent peak — call pricing skew is fading from its highs, even though it remains positive. IVRank 29.7 IVx 42.6 (51 DTE) | IVx 5dCh +0.3% CALL$ 27.6% (51 DTE) — call pricing skew Implied move ±0.25% (±0.5) IVR 28.6 | IVx avg 42.4 | positive GEX dot 🔶 Key Structure to Watch 🔶 207.5 (P1 / HVL) — regime pivot / hold or break 220 (C1 + Ab1 + CV) — primary call wall / recovery ceiling 200 (COI + POI + AbOI + PV) — major support / protective put cluster 236 — recent swing high / pullback origin 195 (P2) — put support below 200 For now, NVDA is in a post-rally pullback, still holding above P1/HVL inside positive gamma, with call skew fading but still positive. The key question is whether price stabilizes above 207.5 and retests the 220 call wall confluence — or whether the pullback extends into the 200 dual-OI cluster.