Nvidia Price Levels to Watch as Stock Retreats From Record
Key Takeaways
- Nvidia’s stock fell nearly 5% Tuesday after hitting a record closing high the previous session.
- Tuesday’s downturn came as Bloomberg reported that the Biden Administration is mulling AI chip export curbs to some Middle Eastern countries, news that tempered optimism about surging demand for the company’s chips.
- Nvidia shares broke out above a multi-month symmetrical triangle earlier this month, though the breakout occurred on below-average volume, indicating a lack of conviction behind the move.
- Investors should watch key support levels on Nvidia’s chart around $125, $115, and $97, while also keeping an eye on a measured moved price target at $177.
Nvidia (NVDA) shares will likely remain on investors’ radar screens after…
