Nvidia (NVDA) shares slumped nearly 9% last week as investors scaled back bets in some of this year’s top performing 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) chipmakers over mounting concerns about tougher 澳洲幸运5官方开奖结果体彩网:trade restrictions and geopolitical risks.

Below, we take a closer look at the AI darling’s 澳洲幸运5官方开奖结果体彩网:technicals and point out important price levels to eye amid the potential for heightened 澳洲幸运5官方开奖结果体彩网:volatility.

Volume Trending Lower

Nvidia shares remain in a long-term uptrend, with the 50-day moving average (MA) sitting comfortably above the 200-day MA. However, the AI chipmaker’s stock has traded sideways to lower after setting its 澳洲幸运5官方开奖结果体彩网:record high last month.

Importantly, volume has also trended lower since that time, potentially indicating slowing momentum, or possibly just a pause in🔴 the trend, after the stock’s groundbreaking gains fueled by insatiable enterprise demand for chips that power AI infrastructure.

Watch These Important Price Levels 

Over the coming weeks, investors should watch se🧜veral key areas on Nvidia’s chart that could come into play.

The first sits around $116, where market participants will likely be watching if buyers can defend a short-term 澳洲幸运5官方开奖结果体彩网:horizontal line that connects a series of recent price action and tဣhe 50-day MA.

If the stock can hold this important area, it may form the foundation for another trending leg higher to around $195 based on a bars pattern extracting the trend from April to June and applying it to this initial support level.

A 澳洲幸运5官方开奖结果体彩网:breakdown below the $116 area could open the door to a retest of the $97 level, a location on the chart that may encounter support near a trendline linking two prominent price peaks in March and a period on 澳洲幸运5官方开奖结果体彩网:consolidation prior to the late May earnings gap. 

A deeper 澳洲幸运5官方开奖结果体彩网:correction in the stock could see a decline to the $75 level, currently 36% below Friday’s close, where the price could attract bargain hunters near a horizontal line that links a pause in the uptrend between January and March with the April 澳洲幸运5官方开奖结果体彩网:swing low.

Investors should also keep an eye on the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI). There’s a greater chance that Nvidia’s price could resume its longer-term uptrend from the levels outlined above if the indicator reaches oversold conditions at the same time.

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