Nvidia, a market darling, is down close to 2% and below its 200 hour moving average.

Shares of Nvidia are down around -1.9% at $854.71 (down $16.51). Shares are being marked lower after a UK analysts had some cautious comments on the chip maker saying “sentiment on semis are as optimistic as I can ever remember”

Technically, the price is trading at its lowest level since March 18, when the price reached $850.10. The low price today has reached $853.10. The price is also below its 200-hour moving average for the first time since January 3 when the price was at $480. The 200 hour moving average is currently at $883.72. Last week the price broke below its 100 hour moving average (blue line in the chart below) and use that level as resistance (bearish).

It would now take a move above both of those moving averages to increase the bullish bias in the short term at least.

The next target comes between $834.20 and $850.10.

The move to the downside is shifting the major indices lower in its wake:

  • Dow Industrial Average is down -235 points or -0.60% at 38658
  • S&P is down -27.34 points or -0.53% at 5175
  • NASDAQ index is down 48.28 points or -0.30% at 16200

This article was written by Greg Michalowski at www.forexlive.com. Source