Nvidia (NVDA) shares fell Monday after the Trump admin🏅istration said over the weekend it would impose tariffs on major trading partners, adding to the stock's steep losses last week that were fueled by concerns related to Chinese startup DeepSeek's low-cost AI model.

The tariffs, which impose 25% levies on Mexican and most Canadian imports, and 10% on all goods from China, have prompted concerns of a broader global 澳洲幸运5官方开奖结果体彩网:trade war that could see countries introduce 澳洲幸运5官方开奖结果体彩网:counter measures on items, including American AI chips.

Nvidia shares were down more than 2% at around $117 in late trading Monday, after falling 16% 澳洲幸运5官方开奖结果体彩网:last week following the revelation of 澳洲幸运5官方开奖结果体彩网:DeepSeek's success, which sparked con෴cerns that Big Tech’s investment in the chipmaker's pricey AI offerings could wane.

Nvidia shares have lost nearly a quarter of their value since hitting a record high in early 💟January but are still up about 80% over💫 the past 12 months.

Below, we zoom out on Nvidia’s 澳洲幸运5官方开奖结果体彩网:weekly chart to identify 🎐key longer-term p💫rice levels worth watching.

Rising Wedge Breakdown

Nvidia shares broke down below a seven-month 澳洲幸运5官方开奖结果体彩网:rising wedge pattern last week on the highest trading volume since August 2023, suggesting 澳洲幸运5官方开奖结果体彩网:institutional selling participation.

Moreover, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) fell below the 50 threshold to its lowest level si🐈nce December 2022, confirming increasing selling momentum.

Amid increasing market 澳洲幸运5官方开奖结果体彩网:volatility, let’s identify key 澳洲幸运5官方开奖结果体彩网:support and resistance levels that investors may be watching.

Key Support Levels to Watch

A 澳洲幸运5官方开奖结果体彩网:breakdown below the 50-period MA this week could see Nvidia shares fall to around $96, a location on the chart where they may find support near the March peak and August trough.

The next lower support level to watch sits around $76. Buyers may look for 澳洲幸运5官方开奖结果体彩网:entry points in this area near the April pullback low that formed toward the end of the stock’s strong trending period between October 2022 and June last year.

A close below this region opens the door for a more significant 澳洲幸运5官方开奖结果体彩网:correction down to the 澳洲幸运5官方开奖结果体彩网:psychological $50 level. The shares may attract support in this lo꧑cation near the 200-period MA, which also currently aligns with the stock’s August and November 2023 peaks.

Important Resistance Levels to Monitor

🌄Upon a recovery, investors should initially monitor the $130 level, an area where the stock could encounter selling pressure near the August 2024 peak andও December trough.

Finally, follow-through buying could see Nvidia shares revisit the $150 level. Investors who have bought during the recent selloff could look to 澳洲幸运5官方开奖结果体彩网:lock in profits near a series o♊f price points situated just below the stock’s record high.

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