Nvidia stock has broken decisively below its weekly structural support, and the technical map now points to $138 as the next destination. That level marks the 200-week exponential moving average (a long-term trend line calculated by weighting recent prices more heavily), and it coincides exactly with a macro ascending trendline drawn from the stock's ultimate bottom. The analysis, published on TradingView under the title "NVDA Weekly Breakdown: The $138 Magnet," frames the confluence as the most logical zone for a macro bottom.

What triggered the breakdown?

The trigger was not purely technical. On November 12, 2026, Nvidia announced that Chief Executive Officer Jensen Huang resigned with immediate effect. The board appointed Chief Financial Officer Colette Kress as interim CEO and initiated a search for a permanent replacement.

The abrupt leadership exit injects significant volatility and uncertainty into the stock, according to the analysis. The move compounds pressure that was already visible on the chart: the weekly candle has sliced through critical horizontal support, confirming a loss of medium-term bullish momentum.

The timing sharpens the risk. Nvidia is scheduled to release its third-quarter earnings on Tuesday, November 17, 2026 — five days after the resignation announcement. The forward-looking guidance on that call will face heavy scrutiny from investors still adjusting to the executive transition.

Why $138 specifically?

The analysis identifies four converging technical drivers behind the target:

• Total EMA surrender. The weekly candle has broken aggressively below the 9, 21 and 50 exponential moving averages (dynamic trend indicators that smooth price data), leaving heavy overhead resistance and no immediate dynamic support nearby.
• Horizontal support failure. The upper structural support box — a price range where buying previously emerged — has confirmed its failure. With that floor gone, the downside path faces minimal structural friction.
• The 200 EMA magnet. The 200 EMA currently sits at $138. Following parabolic runs and sudden fundamental shocks, price naturally gravitates toward this long-term mean reversion line, the analyst argues.
• Trendline confluence. A macro ascending support line drawn from the ultimate bottom intersects precisely with the 200 EMA at $138, creating a large zone of technical confluence (a point where multiple indicators align).

What is the verdict?

The breakdown of the weekly box, combined with Huang's sudden exit and the uncertainty surrounding the November 17 earnings report, shifts the bias firmly bearish, the analysis concludes. The $138 confluence zone acts as the ultimate magnet for current price action.

For traders, the zone serves two purposes: the most logical area to look for a macro bottom, or the point at which to secure profits on short option positions (bets that profit when a stock falls).

How credible is the setup?

The author attaches an explicit disclaimer. The technical analysis is "for educational and informational purposes only" and does not constitute financial, investment or trading advice. Technical analysis is "inherently subjective" and relies on historical price action, which does not guarantee future results.

The disclaimer also flags the specific risk profile of this moment: trading stocks and options involves a high degree of risk, including potential loss of capital, "especially in the context of high-volatility events like earnings reports and executive transitions." Readers are advised to conduct their own due diligence and consult a licensed financial advisor before executing trades.

What should investors watch next?

Three variables will determine whether the $138 magnet holds. The first is the November 17 earnings report and, more precisely, the guidance Kress delivers in her first public test as interim CEO. The second is whether the stock can reclaim any of the three lost exponential moving averages, which would neutralize the "total EMA surrender" thesis. The third is the behavior of price near the $138 zone itself, where two long-term technical measures — the 200 EMA and the macro trendline — converge.

Until then, the framework is unambiguous in direction. A broken weekly support box, a leadership vacuum at the top of the company and a binary earnings event five days away together form the bearish case, with $138 standing as the level the market must answer for.