The top GOP House China committee member in a letter to US Commerce Secretary Howard Lutnick, said that he objects to resumption of Nvidia age 20 chip shipments to China.
Shares of Nvidia reached a new all-time high yesterday of $174.25 shares are currently down $0.60 or -0.34% at one $2.37. For the trading week, shares are have surged by 4.54%. For the trading year they are up 28.29%.
For your guide, Nvidia is not scheduled to release until August 27.
Since bottoming in April, Nvidia’s price action has been steadily climbing, and more recently, has remained above its 50-hour moving average, currently at $167.69 (black line on the chart). Beneath that, the rising 100-hour moving average at $162.56 offers a secondary layer of support.
Back in June, dips below the 50-hour MA consistently found buyers leaning against the 100-hour MA, reinforcing its significance as a reliable support zone during pullbacks.
Looking ahead, these two moving averages define nearby support. Holding above keeps the short-term bias tilted higher, while a break below both could signal a deeper corrective move. Traders will be watching these levels closely for clues on the next directional push.
With the price so high, a corrective move is not out of the question (look at Netflix whose shares are down -4.88% today). However, all indications are that spending for AI continues and will continue to be very strong as the AI revolution builds. Traders will be watching the support defining levels like the moving averages, for trading clues at least in the short term to help define the short-term bias and the risk defining/target levels.
This article was written by Greg Michalowski at www.forexlive.com.