Nvidia (NVDA) shares tumbled nearly 7% Wednesday after 澳洲幸运5官方开奖结果体彩网:the company said it’s set to take a $5.5 billion charge as a result of U.S. restrictions on exports of its AI chips to China.

The company said via a regulatory filing that it would be required to have an export license to sell its popular H20 chips to China amid concerns they could be used by Beijing to build a 澳洲幸运5官方开奖结果体彩网:supercomputer. The development caught market watchers off guard, given Nvidia designed the H20 澳洲幸运5官方开奖结果体彩网:graphics processing units (GPUs) to comply with Biden-era chip export curbs on advanced chips the former administration thought could be used by foreign adversaries.

Nvidia shares have staged a modest recovery above this month’s low but have lost about a firth of their value since the start of the year as of Wednesday’s close amid uncertainty over Washington's 澳洲幸运5官方开奖结果体彩网:trade policies and 澳洲幸运5官方开奖结果体彩网:big tech AI spending.

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 point out ke𓂃y price levels worth watching out for.

Doji Candlestick Pattern Indicates Indecision

After attracting buying interest near the lower trendline of a 澳洲幸运5官方开奖结果体彩网:falling wedge pattern last week, Nvidia shares rallied sharply before ruꦿnning into selling pressure near the pattern’s to🌼p trendline.

It’s worth noting that although the stock fell sharply in Wednesday’s trading session, the price formed a doji, a cౠandlestick pattern suggesting indecision between buyers and ಞsellers.

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

Key Support Levels to Watch

Nvidia shares fell 6.9% to close Wednesday's session at $104.49.

Further selling in the stock could initially see the price revisit support around $96. This area may attract buyers near last year’s prominent March twin peaks, a location on the chart also situate♈d just above th🌱is month’s tariff-driven low.

The bulls’ failure to defend the April low could trigger a larger drop to the $76 level. Investors may look for 澳洲幸运5官方开奖结果体彩网:buy-and-hold entry points in this region near last April’s notable 澳洲幸运5官方开奖结果体彩网:swing low.

Important Resistance Levels to Monitor

A volume-backed breakout above the falling wedge pattern’s top trendline could drive a move to around $130, currently just above the 澳洲幸运5官方开奖结果体彩网:200-day moving average. The shares may ജface overhead resistance in this area near the August peak and December trough.

Finally, buying above this level could see Nvidia shares climb to $150. Investors may decide to 澳洲幸运5官方开奖结果体彩网:lock in profits at this price near several peaks that formed on the chart just below the stock’s 澳洲幸运5官方开奖结果体彩网:record high set in early January.

This area also aligns with a projected measured move 澳洲幸运5官方开奖结果体彩网:price target that calculates the depth of the falling wedge in points and adds that amount to the pattern’s upper trendline. For instance, adding $40 to $110 forecasts an upside target of $150.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5官方开奖结果体彩网:warranty and liability disclaimer for more info.

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