Watch These Nvidia Price Levels as Stock Slips Further Into Correction Territory | Global News Avenue

NVIDIA (NVDA) shares fell for a fourth consecutive day on Tuesday, extending their decline. technical fixes The stock is down 15% from last month’s all-time high.

although Analysts remain bullish As for the company’s prospects heading into 2025, investors may want further confirmation that the chipmaker’s report found overheating problem Concerns about production delays were raised last month.

Despite the recent plunge, the stock is still up about 160% since the beginning of the year on strong demand for the company’s artificial intelligence chips, far outpacing the S&P 500’s 27% return over the same period.

The stock fell 1.2% on Tuesday to close at $130.39.

Below, we take a closer look at the AI ​​chipmaker’s charts and usage technical analysis Identify important price levels to watch.

50 Day Moving Average Breakdown

Nvidia shares trade mostly after hitting record high in November sideways before falling below 50-day Moving Average (MA) Late last week, this could set the stage for further consolidation.

When in stock volume While still below its long-term average, it has edged higher in recent sessions, indicating increased selling activity. also, Relative Strength Index (RSI) It has fallen below 50, confirming the weakening price momentum.

Let’s identify a few key points with Nvidia’s chart support and resistance levels that investors may be tracking.

Key support levels worth paying attention to

In the event of further sell-off, investors should first focus on the $115 level. NVIDIA bulls May walk to the plate close to the area 200-day moving averagewhich is also consistent with a series of comparable price action on the chart between May and October.

one break down A break below this important technical area could see the stock retest lower support near $102, a level investors might look for on the charts entry point Lows near the end of May Break through the gap and prominent trough Formed in August and September.

Interestingly, this area is also roughly in line with the bar chart forecast target, which takes the stock’s June-August correction and overlaps it with the November correction All Time High (ATH).

Important resistance levels to monitor

If the stock resumes its upward momentum, it will be worth watching its reaction to the $140 level. The stock may find resistance near this area horizontal line Connect June high swing There is a similar range of price points between October and December.

Finally, further buying could push the bull market towards around $150, and investors could decide to trade in this area on the chart Lock in profits close to a group candlestick That’s just below the all-time high the stock hit late last month.

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As of the date of this writing, the author did not own any of the securities mentioned.