NVIDIA Set to Open Below Nov. 5 Low With 58% Call Flow

By Amara Osei

A 5.7% premarket decline set NVIDIA Corporation (NVDA) to open below the Nov. 5 low on Nov. 9, according to GTA Terminal. The source placed premarket trades near $176-$177, about 5% below the Nov. 6 close and under the 20-day low.

What does the technical setup show?

GTA Terminal’s daily data put NVIDIA’s Nov. 6 close at $186.64. The price finished below its 20-day simple moving average of $211.55, 50-day average of $219.81, 100-day average of $213.99 and 200-day average of $204.67.

Even after the Nov. 6 rebound, shares remained below all four tracked averages. GTA Terminal identified the 200-day average at $204.67 as resistance, leaving the stock below its stated resistance despite the recovery attempt.

The prior session set up that reversal attempt. NVIDIA dropped 9.3% to $181.60 on Nov. 5, with 306 million shares traded. It then rose 2.8% on Nov. 6, on volume of 1.6 times its 20-day average.

The rebound recovered part of the previous day’s drop but did not return shares above any of the four tracked averages. GTA Terminal also reported a 14-day relative strength index of 30.8, which it placed at the edge of oversold.

How strong is the options signal?

Options flow on Nov. 6 totaled $401.9 million in premium, and 58% of it went to calls. GTA Terminal characterized the mix this way: “A call-heavy lean, but far from one-sided.”

The source coupled that options position with a conditional price test. GTA Terminal said it was watching whether the open held under 181.46. The level was also the Nov. 5 low and the 20-day low, and GTA Terminal labeled it the first line to reclaim.

The $176-$177 Nov. 9 premarket range sat below that benchmark. A move above $181.46 was therefore still pending when GTA Terminal set out the setup.

GTA Terminal did not treat the 58% call share as a stand-alone signal. Its directional test required price to clear the Nov. 5 low and then the 200-day average before the call lean gained technical confirmation.

How heavy was off-exchange trading?

Shares traded in dark pools on Nov. 6 reached 70,084,635, or 39.0% of all volume, GTA Terminal said. The source described the off-exchange share as well above the stock’s normal level.

That measure came in a session whose turnover ran 1.6 times the 20-day average. GTA Terminal listed the 39.0% off-exchange figure and the 1.6-times turnover as separate activity measures for Nov. 6.

The volume backdrop did not resolve the technical reading. GTA Terminal kept the focus on whether price could reclaim $181.46 and whether put premium would overtake calls.

Which levels frame the next move?

GTA Terminal identified three levels for the setup:

• $204.67: The 200-day simple moving average and resistance.
• $181.46: The Nov. 5 low and 20-day low; the first line to reclaim.
• $164.27: The 52-week low and next support.

GTA Terminal set out the conditional path: “A reclaim of 181.46 and then the 200-day would line price up with the call lean; staying under it while put premium overtakes calls would invalidate that lean and bring 164.27 into view.”

The $164.27 marker sat below the entire $176-$177 premarket range. The $204.67 resistance sat above both that range and the Nov. 6 close, while $181.46 separated premarket trading from the source’s first recovery test.

GTA Terminal said the chart was not financial advice. Its framework left two paths: reclaim $181.46 and then $204.67 alongside the continued call lean, or remain below $181.46 as put premium overtakes calls and opens the way to $164.27.

For the next session, GTA Terminal’s framework hinges on $181.46: a reclaim would put price back in line with the call-heavy flow, while continued trading below it and a shift toward put premium would put $164.27 back in focus.