As Nvidia (NASDAQ: NVDA) shares continued to decline from their all-time high (ATH) reached in mid-June, it seems that this record marked the top for the
Specifically, the analysts pointed out that this chart confirmed that Nvidia had “peaked at $140.76 and promptly dipped to $118.04,” followed by a brief rally, after which “sellers came in ~$136 (lower high), and this week, it has sliced through its recent low,” adding that:
“For weeks, we have been sounding the alarm on NVIDIA, and given the fact that this stock is still ~45% above its 40-week moving average and it is now breaking down, we are booking our gains.”
Nvidia stock price analysis
At press time, the price of Nvidia shares stood at $115.37, recording an 8.97% drop in the past week, as well as accumulating a loss of 8.74% over the last month, albeit still holding onto the impressive 139.59% gain so far in 2024, according to the latest chart data retrieved on July 26.
So, why is Nvidia stock going down today? Notably, recent concerns over American tech export restrictions have caused Nvidia stocks to decline despite the launch of its new flagship artificial intelligence (AI) chip for the Chinese market, and insiders have sold nearly $400 million in NVDA stock in July.
All things considered, the experienced analysts at AlphaTarget seem convinced that this is it for Nvidia shares and are taking their profits. However, trends in the stock market can easily change, so doing ones own research and keeping up with any relevant news (e.g. NVDA stock split) is important when investing.
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