Nvidia (NVDA) shares will remain on watchlists after the AI favorite 澳洲♛幸运5官方开奖结果体彩网:returned to the $3 trillion market cap club on Tuesday following the announcement of a major partnership with a state-backed Saudi Arabian AI company.

The deal, which coincided with the beginning of President Tꦛrump’s four-day tour ﷺthrough the Middle East, will see the chipmaker sell several hundred thousand advanced GPUs to an AI subsidiary of Saudi Arabia’s sovereign wealth fund over the next five years, starting with an 澳洲幸运5官方开奖结果体彩网:AI supercomputer powered by 18,000 GB300 chips.

Nvidia shares lost more than 40% of their value between February and April amid concerns that 澳洲幸运5官方开奖结果体彩网:moderating AI spending and the Trump administration’s trad🦋e policies could weigh on ꩲthe company's sales. However, the stock has rallied 50% from last month's low amid optimism over new trade deals. 

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 identify crucial price leve🍃ls worth watching out for.

Decisive Close Above 200-Day Moving Average

Nvidia shares have trended sharply higher after breaking out from a falling wedge pattern last month, with the price staging a decisive close above the 澳洲幸运5官方开奖结果体彩网:200-day moving average (MA) in Tuesday’s trading session. It’s also worth pointing out today’s move occurred on the highest volume in several weeks, signa🌳ling increas﷽ed interest in the chipmaker’s stock

While the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bullish momentum with a reading just below the 70 threshold, the indicator also cautions nearing 澳洲幸运5官方开奖结果体彩网:overbought conditions, which could lead to short-term profit-ta✤king.

Let’s focus on two crucial overhead areas on Nvidia’s chart that investors may be watching and also identify important 澳洲幸运5官方开奖结果体彩网:support levels worth monitoring during future 澳洲幸运5官方开奖结果体彩网:pullbacks.

Crucial Overhead Areas to Watch

The first area to watch sits around $130, This area, just above Tuesday’s closing price, 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 series of 澳洲幸运5官方开奖结果体彩网:peaks and troughs on the chart stretching back to last August.

The bulls’ ability to reclaim this level could see the shares climb to the crucial $150 area. Investors who have averaged into the stock may decide to 澳洲幸运5官方开奖结果体彩网:lock in profits in this region near several peaks that formed on the chart slightly below the stock’s 澳洲幸运5官方开奖结果体彩网:record high, set in early January.

Important Support Levels Worth Monitoring

Upon pullbacks in the stock, it’s worth monitoring the important $115 level. The shares find a 澳洲幸运5官方开奖结果体彩网:confluence of support in this area near the initial breakout point from the falling wedge pattern, the 5ꦕ0-day MA, and a trendline that connects a range of trading activity on the chart extending back to last September.

Finally, a steeper drop could see Nvidia shares revisit lower support around $96. Investors would likely see this as a high-probability location to 澳洲幸运5官方开奖结果体彩网:accumulate shares near the late-April trough, which also closely aligns with two prominent peaks that formed on ಌthe chart in March last year.

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