As of mid-morning on November 21, 2024, Nvidia Corporation (NASDAQ: NVDA) is trading at $142.25, down 2.47% from yesterday. The dip follows its Q3 earnings release, which showcased robust growth in AI revenues but was overshadowed by broader market concerns, including trade tensions and tariff pressures under the Trump administration.
AI Growth vs. Trade Challenges
Nvidia’s Q3 results highlighted stellar performance, with revenue soaring 94% year-over-year, fueled by record-breaking AI demand. The company’s data center segment, driven by its new Blackwell GPU architecture, played a key role in surpassing expectations. CEO Jensen Huang emphasized Nvidia’s commitment to staying ahead in AI innovation.
However, the market reaction was muted as concerns over U.S.-China trade tariffs clouded the outlook. Nvidia faces challenges complying with new export restrictions on high-performance chips, which could impact its global growth trajectory. Analysts remain divided on how these regulatory pressures will affect long-term profitability.
Chart Analysis: Key Levels for Nvidia Stock
The 4-hour chart shows Nvidia trading below key resistance levels, with bearish momentum dominating short-term trends. Key levels to watch include:
- Nvidia Resistance:
- $144.46: Immediate resistance that NVDA needs to break to regain upward momentum.
- $149.57: A key level marking the recent high; clearing this could signal bullish continuation.
- Nvidia support:
- $136.15: The next immediate support if bearish momentum persists.
- $130.03: A crucial psychological level providing a strong floor for buyers.
- Nvidia Moving Averages:
- The 20-day EMA at $142.75 suggests selling pressure is growing.
- The 50-day EMA at $140.25 signals medium-term support, but a break below could amplify losses.
What’s Next for Nvidia?
Despite the near-term challenges, Nvidia’s dominant position in AI and data center technologies keeps it firmly in the spotlight. Analysts expect AI-driven revenues to remain a growth catalyst, but regulatory headwinds could limit international expansion. For now, traders are closely watching whether Nvidia can hold above key support levels to stabilize the stock.