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Nvidia shares slid Tuesday as CEO Jensen Huang gave a highly anticipated keynote address at the AI chipmaker’s GTC conference.
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After setting a record high in January, the stock has traded within a descending channel, potentially undergoing a consolidation phase before resuming its longer-term uptrend.
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Investors should monitor key support levels on Nvidia’s chart around $96 and $76, while also tracking important resistance levels near $132 and $150.
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Bars pattern analysis, which takes the bars that comprise the stock’s trending move from October 2023 to March last year and overlays them from this month’s low, predicts a potential upside price target of around $325.
Nvidia (NVDA) shares fell Tuesday as CEO Jensen Huang gave a highly anticipated keynote address at the AI chipmaker’s GTC conference.
During his two-hour presentation, Huang unveiled the company’s roadmap for the next two years, providing updates about its Blackwell and next generation Rubin chips, while also showcasing cutting edge AI tech for robotics and telecommunications. Huang also announced a new partnership with General Motors (GM) to train AI manufacturing models.
The flurry of announcements wasn’t enough to lift investor spirits. Nvidia shares, which were down about 1% before the CEO started speaking, closed the day 3.4% lower at $115.43. Investors will be on the lookout for further updates from Nvidia as the conference continues in the next few days.
After several years of explosive gains driven by insatiable demand for the company’s AI offerings, Nvidia shares have come under pressure in early 2025 The stock is trading down 14% since the start of the year amid concerns about overspending on AI infrastructure and uncertainty surrounding the Trump administration’s trade policies relating to tariffs and chip exports.
With GTC 2025 underway, let’s take a closer look at Nvidia’s weekly chart and use technical analysis to locate key price levels worth watching.
Since setting a record high in January, Nvidia shares have traded within a descending channel, potentially undergoing a consolidation phase before resuming their longer-term uptrend.
More recently, the stock found buyers near the descending channel’s lower trendline, though price action has remained lackluster since. Meanwhile, the relative strength index (RSI) remains below the 50 threshold, pointing to weak momentum.
Let’s identify key support and resistance levels on Nvidia’s chart that investors may be monitoring and also project an upside price target to track if the stock resumes its longer-term move higher.
