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- Chip stocks including NVDA has seen a fall when Micron announced a bad result and staff cut.
- NVDA stock price may see a momentary halt near $150. It is currently trading near $152.06
Semiconductor maker Micron has recently announced that they will be reducing their head count by 10% due to poor results. This has created a domino effect on the chip manufacturing stocks which includes NVDA. NVDA was on its way to $200 mark but has stumbled from $190 and reached $152 within a few days. Many analysts believe that the first quarter of 2023 of Nvidia corporation will see a downside momentum.Meanwhile when NVDA is going down s&p 500 and Dow Jones has seen an upside. Investors are hoping for strength from NVDA as it approaches the next quarter.Many analysts are predicting a fall in revenue in the first quarter of 2023.
Nvidia corporation has a market cap of $378.4 Billion. The EPS of the company may see a decline in the upcoming quarter.It will be exciting to see when in the next year NVDA crosses its 52 week high of $313.
The Domino Effect Pushes NVDA Price Down
NVDA stock price upside momentum has seen a halt and is fallen to $152 within a few days period. The weekly technical chart of NVDA suggests weak but upside trend. On coming to the daily chart it is trading near $152 with a slight drop. The upside trend can face a ceiling near $165. Meanwhile a bounceback in price can be observed near $145. NVDA is near a crucial junction of 50 and 100 Daily Moving Average crossover. If the stock price continues to sustain above the positive crossover a positive rebound to a new high can be seen in the future. Many analysts are expecting a strong upside in the future.
Conclusion
NVDA stock price has been hit by the performance of Micro. It may see a fall in the first quarter of 2023. NVDA stock price suggests a consolidated trend for upcoming days.
Technical Levels
Major Support:$145
Major Resistance: $165
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
