Nvidia (NVDA) shares fell Tuesday as CEO Jensen Huang gave a highly anticipated keynote addres🍬s at the AI chipmaker's GTC conference.

During his 澳洲幸运5官方开奖结果体彩网:two-hour presentation, Huang unveiled the company’s roadmap for the next two years, providing updates about its Blackwell and next generatio▨n 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 ꦦand chip exports.

With GTC 2025 underway, let’s take a closer look at Nvidia’s 澳洲幸运5官方开奖结果体彩网:weekly chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to locate key price levels worth watching.

Descending Channel Consolidation

Since setting a record high in January, Nvidia shares have traded within a 澳洲幸运5官方开奖结果体彩网:descending channel, potentially undergoing a 澳洲幸运5官方开奖结果体彩网:consolidation phase befor💧e resuming their longer-term uptrend.

More recently, the stock found buyers near the descending channel’s lower trendline, though 澳洲幸运5官方开奖结果体彩网:price action has remained lackluster since. Meanwhile, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) remains below the 50 threshold,🌸 🍷pointing to weak momentum.

Let’s identify key 澳洲幸运5官方开奖结果体彩网:support and resistance levels on Nvidia’s chart that investors may be monitoring and also project an upside 澳洲幸运5官方开奖结果体彩网:price target to track if the stock resu🔯mes its longer-term move higher.

Key Support Levels to Monitor

A 澳洲幸运5官方开奖结果体彩网:breakdown below the descending channel’s lower trendline could see the shares decline to around $96. This area on the chart would likely provide support near the last year’s March peak and August trough.

A more significant drop could see the stock’s price revisit lower support at the $76 level. Investors may seek 澳洲幸运5官方开奖结果体彩网:entry points in this region near the low of a four-week pullback in the stock last April. 

Important Resistance Levels to Watch

Buying from current levels could propel a move up to around $132, a location that may provide overhead resistance near a 澳洲幸运5官方开奖结果体彩网:horizontal line that links a range of comparable price points on the chart between last June and February this y🐲ear.

The next higher resistance level to watch sits at the key $150 level. Investors who have come into the stock at lower prices may look to 澳洲幸运5官方开奖结果体彩网:lock in profits in ꦫthis area near a series of peaks positioned just below the stock’s re🌜cord high.

Upside Price Target to Track

To project a potential longer-term upside target to track if the stock resumes its uptrend, investors can apply bar൲s pattern analysis, which analyzes prior trend🌞s to make future price predictions.

When applying this technique to Nvidia’s chart, we take the bars that comprise the trending move from October 2023 to March last year and overlay them from this month’s low. The analysis speculates a potential upsi💮de price target of around $325 if a comparable move played out. We selected this prior trend as it followed a similar consolidation pattern on the chart.

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As of the date this article was written, the author does not own any of the above securities.