Nvidia shares are down about -1.9% at $854.71 (down $16.51). Shares are falling after British analysts made cautious comments on the chipmaker, saying “sentiment on semis is as bullish as I can remember.”
Technically, the price is trading at its lowest level since March 18, when it hit $850.10. Today’s low price reached $853.10. The price is also below its 200 hour moving average for the first time since January 3, when the price was $480. The 200 hour moving average is currently $883.72. Last week, the price fell below its 100 hour moving average (blue line in the chart below) and is using this level as resistance (bearish).
It would now take a move above these two moving averages to increase the bullish bias at least in the short term.
The next target is between $834.20 and $850.10.
Nvidia stock is now below its 200 hourly moving average
The downward movement brings in its wake the main downward indices:
- The Dow Industrial Average is down -235 points or -0.60% at 38,658
- S&P is down -27.34 points or -0.53% at 5175
- The NASDAQ index is down 48.28 points or -0.30% at 16,200
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