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NVDA Under Pressure: Congressional Testimony Request and Technical Breakdown
While the broader semiconductor sector attempted to recover, Nvidia ($NVDA) continues to face significant selling pressure. The primary catalyst for the recent negative sentiment is the news that the U.S. Congress has summoned CEO Jensen Huang to testify regarding alleged ties to a Chinese spy. This development adds further regulatory and geopolitical uncertainty for the company.
Technical Analysis (1D Chart)
The daily chart shows a clear downward trend across all indicators:
· Price Action: NVDA is currently trading at $176.41, down 5.50% (-10.27). The stock has declined significantly from its recent high of $243.37 and is currently near the intraday low of $170.24.
· Moving Averages (MA): The price is trading well below all major moving averages. The 5-day MA is at $190.30, the 10-day MA is at $200.55, and the 30-day MA is at $216.80. All three averages are pointing downward, confirming the bearish trend.
· MACD (12, 26, 9): The MACD line is at -3.77, below the signal line (DEA at -5.96). The histogram is in negative territory and expanding, indicating increasing bearish momentum.
· StochRSI (14, 14, 3, 3): The StochRSI is currently at 0.09, which is in the oversold territory. While this indicates the stock has dropped rapidly, in strong downtrends, the indicator can remain at low levels for extended periods.
Key Levels:
· Support: The immediate support level is the recent low of $170.24. A break below this level could lead to further downside.
· Resistance: The closest resistance is the 5-day MA at $190.30.
Summary
The combination of negative news regarding the CEO and the current technical setup suggests that the stock remains under pressure. The price is below key moving averages, and momentum indicators show strong selling activity, despite being in oversold conditions.
This is not financial advice.$NVDA