Nvidia Stock's Intraday Reversal and Key Price Levels
Nvidia Stock's Intraday Reversal and Key Price Levels
Nvidia's share price staged a dramatic intraday reversal of over 10%, ending the session 5.6% lower.
Nvidia's share price staged a dramatic intraday reversal of over 10%, ending the session 5.6% lower.
The AI chipmaker's stock initially rallied to a new all-time-high before closing near its intraday low at $875.28.
The AI chipmaker's stock initially rallied to a new all-time-high before closing near its intraday low at $875.28.
Wall Street analysts raised concerns over Nvidia's lofty trading levels, causing investors to lock in profits.
Wall Street analysts raised concerns over Nvidia's lofty trading levels, causing investors to lock in profits.
Cathie Wood, ARK Invest CEO, warned about slowing growth due to more prudent enterprise spending and increasing competition.
Cathie Wood, ARK Invest CEO, warned about slowing growth due to more prudent enterprise spending and increasing competition.
Shares in chip stocks Broadcom (AVGO) and Marvell Technology (MRVL) slumped late last week after issuing disappointing outlooks.
Shares in chip stocks Broadcom (AVGO) and Marvell Technology (MRVL) slumped late last week after issuing disappointing outlooks.
Mizuho Securities analyst Jordan Klein attributed Friday's sell-off to overbought conditions, referred to as "exhaustion."
Mizuho Securities analyst Jordan Klein attributed Friday's sell-off to overbought conditions, referred to as "exhaustion."
Since bottoming out in the fourth quarter of 2022, Nvidia's share price has trended consistently higher.
Since bottoming out in the fourth quarter of 2022, Nvidia's share price has trended consistently higher.
The stock formed a bearish engulfing pattern, signaling a reversal in an uptrend.
In the short-term, keep an eye on the $780 level, where the price finds support from a two-month trendline and the 38.2% Fibonacci level.
In the short-term, keep an eye on the $780 level, where the price finds support from a two-month trendline and the 38.2% Fibonacci level.
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