Nvidia (NVDA) shares held up better than oth๊er Magnificent 7 stocks on Thursday after surging 6% the previous session, as investors have sought dip-buying opportunitiesꦯ in the chipmaker. 

The AI favorite has been under pressure since late January after 澳洲幸运5官方开奖结果体彩网:AI competition from China sparked fears of overspending by technology giants on the infrastructure that Nvidia sells. More recently, worries that tariffs, a flare-up of inflatioꩲn, and further export curbs could drag down chip sales have also weighed on 🐼sentiment.

Yesterday’s bounce coincided with a report that the chipmaker, along with Advanced Micro Devices (AMD), and Broadcom (AVGO), has been approached by Taiwan Semiconductor Manufacturing Company (TSM) about forming a 澳洲幸运5官方开奖结果体彩网:joint venture to own and run Intel’s (INTC) foundry division.

On Thursday, Nvidia shares closed 0.1% lower at $115.58, while its Mag 7 counterparts all fell sharply amid a broader sell-off that 澳🌄洲幸运5官方开奖结果体彩网:sent the S&P 500 into correction for the 🎀first🌊 time since 2023. Nvidia shares are down 14% since the start of the year, with the lion’s shares of that loss occurring over the last month. 

Below, we take a closer look at Nvidia’s chart and apply 澳洲幸运5官方开奖结果体彩网:technical analysis to point out key price levels that investors ꦜmay be watching.

Descending Channel Takes Shape

Since setting a record high in early January, Nvidia shares have traded within a 澳洲幸运5官方开奖结果体彩网:descending channel, with volume picking up in the second half of February.

More recently, the stock found buying interest near the channel’s lower trendline, coinciding with an uptick in the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) as the indica🍎tor moves back towards neut🀅ral territory.

Looking ahead, as the 澳洲幸运5官方开奖结果体彩网:50-day moving average (MA) converges towards the 200-Day MA, investors should watch for a potential 澳洲幸运5官方开奖结果体彩网:death cross, a signal that forecasts further downside.

Let’s identify several key 澳洲幸运5官方开奖结果体彩网:support and resistance levels on Nvidia’s char🔴t that could come i𝐆nto play during future price swings.

Key Support Levels to Watch

💯 The first key support level to watch sits at $105. This area, currently in the vicinity of t♉he descending channel’s lower trendline, could attract buying interest near this month’s low and the September trough.

A close below this location could see the shares revisit lower support around $96. Investors may look to 澳洲幸运5官方开奖结果体彩网:accumulate shares in this region near last year’s March twin peaks, which closely align with the early August 澳洲幸运5官方开奖结果体彩网:swing low.

Important Resistance Levels to Monitor

Upon a move higher, it’s worth monitoring how the shares respond to the $130 level. This area may provide overhead selling pressure near the descending channel’s upper trendline, the moving averages, and several 澳洲幸运5官方开奖结果体彩网:peaks and troughs on the chart stretching back to June last year.

Finally, further upside could see Nvidia shares climb to around $153. Investors who have bought at lower prices may seek 澳洲幸运5官方开奖结果体彩网:exit points in this region near several peaks situated just below the stock’s 澳洲幸运5官方开奖结果体彩网:all-time high.

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