Nvidia (NVDA) shares fell sharply on Tuesday, down 3.4% to $115.43, following CEO Jensen Huang’s much-anticipated keynote at the company’s GTC conference. Despite unveiling major updates on Nvidia’s next-gen Blackwell and Rubin chips, as well as showcasing AI advancements for robotics and telecommunications, the stock failed to respond positively. Huang also announced a new collaboration with General Motors (GM) to enhance AI-driven manufacturing models, but the news did little to boost investor sentiment.
Since setting a record high in January, Nvidia’s stock has been in a downward trend, moving within a descending channel. Investors now face a period of consolidation before any potential long-term recovery. The stock has dropped 14% since the beginning of 2025, with concerns about overspending on AI infrastructure and trade policy uncertainties, particularly related to tariffs and chip exports under the Trump administration, weighing on the stock.
Key Levels to Monitor
Support Levels
$96: The lower trendline of the descending channel is an important support level to watch. A breakdown below this could lead to a decline toward the $96 mark, where previous peaks and troughs from last year provide additional support.
$76: A more significant drop could bring the stock to the $76 level, near the low point of a pullback seen in April 2024.
Resistance Levels
$132: A move higher from current levels may face resistance at around $132. This level corresponds to a series of price points observed between June 2024 and February 2025.
$150: The next major resistance is at $150, where investors may look to lock in profits as this level aligns with several peaks near Nvidia’s record high.
Upside Price Target
Using bars pattern analysis, which overlays previous trending moves from October 2023 to March 2024, analysts speculate that if Nvidia’s stock resumes its uptrend, it could target an upside price of $325. This projection assumes the stock follows a similar recovery pattern, overcoming current consolidation.
As the GTC conference continues, investors will closely monitor Nvidia’s next moves and any updates that may influence the stock’s performance in the near term.
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