Shares of Nvidia (NASDAQ: NVDA) declined by 4.09% to close at $102.83, down from the day’s high of $108.15. This price action comes with market volatility, sparking investor concerns about the stock’s immediate future.
The stock fell below $110, a psychological level for many traders, and currently, it hovers around the $104.04 zone, where buying activity has picked up before. However, more substantial support lies at $96.16, a level tested earlier this year. A break below this might signal a more bearish outlook. On the upside, $139.85 remains a key resistance to watch, and any attempts to reclaim this level would likely bring renewed bullish momentum.
Nvidia stock has been volatile for the past few months, weighing down sentiment. Despite its leadership in AI chip production, Nvidia is not immune. Investors are treading cautiously, with many waiting to see how the market will digest macroeconomic news in the coming days.
While Nvidia’s short-term prospects may appear cloudy, long-term investors remain optimistic about its role in AI and data centre markets. However, traders should remain cautious as volatility is likely to continue. For now, Nvidia’s key levels offer important clues about where the stock could be headed next.
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