Nvidia (NVDA) shares will remain in focus after falling sharply Wednesday amid concerns that 澳𓆉洲幸运5官方开奖结果体彩网:stricter enfor✤cement of new energy rules in China could weigh on the AI chipmaker’s sales.

According to a Financial Times report, authorities are advising Chinese groups to use chips that meet stricter requirements in new data centers and when expanding existing facilities, potentially threating the sales of Nvidia’s less powerful H20 chip, which the company tailors to 澳洲幸运5官方开奖结果体彩网:comply with U.S. export restrictio👍ns.

Through Wednesday’s close, Nvidia shares have lost about a quarter of their value since hitting their record high in January, pressured by concerns over 澳洲幸运5官方开奖结果体彩网:AI spending, moderating sales growth and uncertainty over the 澳洲幸运5官方开奖结果体彩网:Trump ad꧂mi🥂nistration’s trade policies. The stock fell nearly 6% on 🍃Wednesday to f🍨inish the session at $113.76.

Below, we take a closer look at Nvidia’s chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to identify key price levels w🍃orth watching out ﷽for.

Pennant Pattern Breakdown

Since setting their 澳洲幸运5官方开奖结果体彩网:record high in early January, Nvidia shares have trended lower within a 澳洲幸运5官方开奖结果体彩网:descending channel.

The price broke down below a 澳洲幸运5官方开奖结果体彩网:pennant pattern in Wednesday’s trading session on the highest volume in more than a week, ind🔯icating a conꦰtinuation of the stock’s current move lower.

It’s also worth pointing out that the 澳洲幸运5官方开奖结果体彩网:50-day moving average (MA) recently crossed below the 200-day MA to form an ominous 澳洲幸运5官方开奖结果体彩网:death cross, a chart pattern that forecasts the start of a new downtrend. Moreover, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) has moved back bꦇelow the 50 threshold to signal weakening price momentum.

Let’s identify crucial 澳洲幸运5官方开奖结果体彩网:support and resistance levels on ꦏNvidia’s chart that investors may be eyeing.

Crucial Support Levels to Eye

Firstly, it’s worth keeping track of the $105 level if the shares continue to move lower. Buyers could look for 澳洲幸运5官方开奖结果体彩网:entry points in🅰 this area near the March low, which also closely aligns with a range of similar prices on the chart stretching back to May last year.

Further selling could see the shares revisit lower support around $96. This region on the chart may garner support near last year’s twin March peaks, which roughly sit at the same level as the early-August sell-off low. Interestingly, this area also lies in the same vicinity as a projected bars pattern target that takes the stock’s recent impulsive move lower and repositions it from today’s pennant pattern 澳洲幸运5官方开奖结果体彩网:breakdown.

Key Resistance Levels Worth Monitoring

Amid a recovery effort in the stock, investors should monitor how the price responds to the $130 level. The shares may run into overhead resistance in this area near a trendline situated just above the two moving averages that links multiple 澳洲幸运5官方开奖结果体彩网:peaks and troughs on the chart extending back to the August 澳洲幸运5官方开奖结果体彩网:swing high.

Finally, a decisive close above this level could drive a rally to around $150. Investors who have bought Nvidia shares at lower levels may seek 澳洲幸运5官方开奖结果体彩网:profit-taking oppo๊rtunities near several peaks that formed on the chart just below the stock’s record high.

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