Nvidia (NVDA) shares fell for the fourth straight session on Tuesday, extending their slide into a 澳洲幸运5官方开奖结果体彩网:technical correction as the stock is down 15🐎% from last month's 🥂record high.

While 澳洲幸运5官方开奖结果体彩网:analysts remain bullish on the company’s prospects heading into 2025, investors may be wanting further confirmation that the chipmaker can sell significant volumes of its new Blackwell chips after the reported discovery of 澳洲幸运5官方开奖结果体彩网:overheating issues last month prompted concerns over production delays.

Depsite its recent slump, the stock is still up about 160% since the start of the year, far outpacing the S&P 500's 27% return over the period, amid booming demand for the company’s AI silicon.

The stock fell 1.2% to close Tuesday's session at $130.39.

Below, we take closer look at the AI chipmaker’s chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to ꦦidentify importan🅠t price levels to watch out for.

50-Day Moving Average Breakdown

After setting a record high in November, Nvidia shares traded mostly sideways before falling below the 澳洲幸运5官方开奖结果体彩网:50-day moving average (MA) late last week, potentially setting the stage for further consol൲༒idation.

While stock volume remains below longer-term averages, it has edged up in recent trading sessions, pointing to an increase in selling activity. Moreover, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI)🔯 has slipped below 50, confirming weakening price momentum.

Let’s turn to Nvidia’s chart to identify several key 澳洲幸运5官方开奖结果体彩网:support and resistance levels that investors may be tracking.

Key Support Levels to Watch

Upon further selling, investors should initially keep an eye on the $115 level. Nvidia bulls may step up to the plate in this area near the 澳洲幸运5官方开奖结果体彩网:200-day MA, which also closely aligns with a range of comparable 澳洲幸运5官方开奖结果体彩网:price action on the chart between May and October.

A 澳洲幸运5官方开奖结果体彩网:breakdown below this important technical area could see the shares revisit lower support around $102, a location on the chart where investors may seek 澳洲幸运5官方开奖结果体彩网:entry points near the low of a late-May 澳洲幸运5官方开奖结果体彩网:breakaway gap and prominent troughs that formed in August and September. 

Interestingly, this region also roughly matches a bars pattern projected target that takes the stock’s June to August correction and overlays it from November’s 澳洲幸运5官方开奖结果体彩网:all-time high (ATH).

Important Resistance Levels to Monitor

If the stock regains its upward momentum, it’s worth monitoring how it responds to the $140 level. The shares may encounter resistance in this area near a 澳洲幸运5官方开奖结果体彩网:horizontal line that links the June 澳洲幸运5官方开奖结果体彩网:swing high with a series of similar price points betwe꧅en October and December.

Finally, further buying could propel a bullish move to around $150, a region on the chart where investors could decide to 澳洲幸运5官方开奖结果体彩网:lock in profits near a cluster of 澳洲幸运5官方开奖结果体彩网:candlesticks positioned just below the stock’s record high set late last month.

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