Nvidia (NVDA) stock has broken through the neckline of its head-and-shoulders technical pattern on the daily chart, meaning that investors should expect a major 18% decline to near $328.
Nvidia could lose out on more than $5 billion in sales to China. Wall Street Journal: Biden administration’s export controls on AI chips already in effect.
stock has broken through the neckline of a head-and-shoulders chart pattern. AMD announces quarterly results after the market close on Tuesday. The pattern appears more likely to ensue now that stock is being pressured following a Wall Street Journal report that the Biden administration’s export controls could curb more than $5 billion worth of Nvidia chips sales to China.
stock broke through the neckline on Thursday, October 26, just above $415. Head-and-shoulders patterns are bearish signals, and the price target comes from the difference between the top of the head and the neckline break . This conjures up an $87 downside movement that is expected to curtail near $328. Nvidia reached resistance in the vicinity of $328 back in November 2021, although that rally did momentarily climb above $346. Another more recent point of historical resistance is the $318.
daily stock chart
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