What Happened
Investment bank Mizuho has flagged five Japanese AI and semiconductor stocks as key names to watch amid the global AI infrastructure buildout. While these stocks aren’t directly listed on the ASX or major US exchanges in focus, the theme directly impacts Nasdaq-listed names like Nvidia, which closed near $131.38, up roughly 0.8% in its most recent session, and the broader Nasdaq Composite sitting around 19,020.
Key Levels
Nasdaq Composite:
- Support: 18,700 (recent consolidation floor) and 18,200 (April swing low)
- Resistance: 19,300 (near-term ceiling) and 19,800 (year-to-date high zone)
Nvidia (NVDA):
- Support: $126.00 and $119.50
- Resistance: $135.00 and $140.00
Technical Picture
Nvidia remains in a medium-term uptrend, trading above its 50-day moving average near $115. RSI sits around 62 — firm, but not yet overbought. The Nasdaq is consolidating below resistance at 19,300 after a strong recovery from April lows. The trend is up, but momentum has slowed slightly.
On the ASX, tech-adjacent names like WES (Wesfarmers), which has AI exposure through data and industrial tech, recently traded near $75.20, with support at $73.50 and resistance at $76.80.
What Traders Are Watching
- A Nasdaq break above 19,300 would likely trigger fresh momentum buying in AI names including Nvidia and Microsoft.
- Nvidia holding above $126.00 is key — a break below opens the door to $119.50.
- ASX tech-linked stocks could catch a bid if Wall Street AI sentiment lifts overnight.
Bias
Bullish on Nvidia and Nasdaq AI names — the Mizuho endorsement reinforces institutional confidence in the AI chip cycle, and Nvidia’s technical structure remains intact above key moving averages.
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